Smart ways to give before the year ends
As Advent draws near and we prepare to celebrate the gift of Christ at Christmas, we are invited to pause with grateful hearts and recognize the many blessings God has entrusted to us. Christian stewardship transforms our gratitude into generous action, enabling us to share our time, talents and resources in support of the church’s mission.
As Advent draws near and we prepare to celebrate the gift of Christ at Christmas, we are invited to pause with grateful hearts and recognize the many blessings God has entrusted to us. Christian stewardship transforms our gratitude into generous action, enabling us to share our time, talents and resources in support of the church’s mission.
The Diocese of Austin — with its parishes, schools and outreach ministries — offers many opportunities to give back to God in gratitude. As you consider your year-end giving, explore these tax-smart ways to practice Christian stewardship and support the church’s mission.
Donate appreciated stock
Donating stock that you have owned for longer than one year allows you to qualify for an income tax deduction and eliminate any tax on the appreciation.
Important note: If the stock is electronically transferred to us, the gift date is the day the stock enters our account, not the date you ask your broker to make the transfer. The transfer must be completed by Dec. 31 to count for this calendar year.
Donor Advised Funds (DAF)
Add funds to an existing DAF or open a new one. If you are ready to start making an impact with your DAF, consider recommending a grant (or recurring grants) to support the Diocese of Austin, your parish or a Catholic school.
Important note: You qualify for an income tax deduction when you contribute to a DAF. Your contribution must be completed by Dec. 31 to count for this calendar year.
Make a gift from your IRA
If you are 70½ or older, you can give any amount up to $111,000 from your IRA directly to the Diocese of Austin, your parish, Catholic school or outreach ministry. You will not pay income taxes on the transfer. This popular gift option is commonly called a qualified charitable distribution, or QCD for short. Your gift can also count toward any required minimum distribution (RMD).
Important note: We must receive your gift by Dec. 31 for your donation to qualify for this calendar year. If you have check-writing features on your IRA, your check must clear your account by Dec. 31 to count for this calendar year.
Tips for End-of-Year Planning
- Tax law changes at the beginning of this year may mean new considerations as you ponder your charitable giving at the end of this year. You can read about what these changes mean for your giving by scanning the QR code on this page.
- Ensure that your will or trust is up to date and includes appropriate designations and charitable intentions.
- Review your retirement plan beneficiaries to ensure your assets are distributed according to your wishes.
- If you have a life insurance policy that is no longer a significant piece of your estate plan, consider making the Diocese of Austin or one of our Catholic organizations the beneficiary.
For guidance on the best ways to leave a legacy with the Diocese of Austin as we approach the end of the year, reach out to Dan Wierzbowski at (512) 949-2496 or dan-wierzbowski@austindiocese.org.
We want to help ensure that you realize the greatest benefit from your kindness.
The information in this article is not intended to provide legal or tax advice. Please contact your tax advisor for such advice.
Dan Wierzbowski is the associate director of planned giving for the Diocese of Austin. He is a parishioner of St. Albert the Great Parish in Austin.
