By Sr. Laura Goedken
You can make a difference in the lives of others and save on your 2011 taxes at the same time. If you are at least 701/2 years of age and have an Individual Retirement Account (IRA), you have an extraordinary opportunity to donate up to $100,000 to your parish, the Catholic Foundation or the Diocese of Davenport.
Ordinarily, IRA distributions are taxed as ordinary income, but for a limited time you can take advantage of the current tax legislation extended through 2011.
This charitable gift also counts towards your required mandatory distribution for the year. This could be an end of the year gift to your parish, the Annual Diocesan Appeal or the Catholic Foundation. This is also a good way to pay off a pledge.
Before making a gift, contact your IRA representative to learn the procedures to ensure proper transfer of funds. The distribution check must be issued from the IRA and made payable to the charity to qualify.
Please contact Sister Laura Goedken, OP, at (563) 888-4252 or Goedken@davenportdiocese.org for more information on how to include the Catholic Foundation, a Catholic school or your parish in your estate planning.
(Sr. Goedken is development director for the Diocese of Davenport.)