If you donate stock that has increased in value since you bought it more than a year ago – and if you itemize deductions — you can take a charitable deduction (up to 30% of your adjusted gross income in the current year) for the stock’s fair market value on the day you give it away. You’ll also avoid capital-gains taxes on the increase in value which you would have had to pay if you sold the stock and then gave the church the cash proceeds. You can deduct the fair market value only if you hold the stock for more than a year before giving it away. If you’ve held it for less than a year, your deduction is limited to your cost basis — what you paid for the stock — not the current value.

If you wish to donate securities, contact your bank/brokerage firm. Most banks and brokerage firms require a letter of instruction or letter of authorization to transfer the shares to the church, and mutual fund companies often have a special form. Email Chris Ockerman at chris.ockerman@ward.church if you will need to transfer the security to Ward’s account.

If the stock has lost value, it’s better to sell the stock first and give the cash to the church. You’ll still be able to deduct your charitable donation if you itemize, but you’ll also be able to take a capital loss when you sell the investment.

If you have a traditional IRA, you generally have to start taking mandatory withdrawals from the account when you reach age 70½. (Roth IRAs do not require withdrawals until after the death of the owner). The required minimum distribution is the minimum amount the IRS requires you to withdraw from your account each year.

If you planned on giving from your IRA to Ward Church, you may benefit by making a Qualified Charitable Distribution (QCD). This provision of the tax code allows you to donate up to $100,000 annually from your traditional IRAs to the charities of your choice. The QCD must be transferred directly to the charity from your IRA custodian. With a QCD, you do not report the income from the IRA distribution, and you do not take a charitable deduction. This reduces the Adjusted Gross Income (AGI) on your tax return, and may also, in some circumstances, reduce the amount of Social Security income that is taxable. It also allows you to benefit from a gift to charity even if you don’t itemize. A lower AGI may also help lessen the additional Medicare premiums that come with higher incomes. Note: to be eligible for a QCD, you must have actually reached the age of 72 before the date of the distribution.

No, the value of personal services is never deductible as a charitable contribution. However, unreimbursed expenses you incur in performing services on behalf of Ward Church or other charities may be deductible as a non-cash donation if you itemize your deductions. You will need receipts for the expenses. You can use a “standard mileage rate” to compute a deduction for any miles you drive in performing services for your church or other charity. For 2021, the charity mileage rate is 14 cents ($0.14) per mile. Be sure to maintain accurate records and a mileage log.

No, assuming you received benefits (e.g. lodging, instruction, materials) worth $135 or more. Charitable contributions generally are deductible only to the extent they exceed the value of any premium or benefit received by the donor in return for the contribution.

For individual cash contributions of under $250 you must have a bank record (such as a cancelled check) or a receipt from the church. For individual contributions (cash or property) of $250 or more you must obtain a receipt from Ward. You may print this a statement of your giving at any time by signing in to your my.ward account (see the top of this page and click on “Access my giving statement.”)

Login to your “myWARD” account.
Once you have logged in via the link above, you’ll automatically be redirected to your statement. (If you have not set up a MyWard account you can do that on the log-in page.) This will provide you with a printable statement of your giving to date. Please note: Qualified Charitable Distributions, including Required Minimum Distributions, are not tax deductible and will appear separately from deductible contributions on your statement.

If you’d like to transfer shares this year, or when the value reaches a certain level, but want extra time to decide which charities to support, you could give the stock to a donor-advised fund. You usually need $5,000 to $10,000 to open a donor-advised fund at a brokerage firm, mutual fund company or community foundation. You can take a charitable deduction when you give the shares to the donor-advised fund, but you have unlimited time to decide which charities to support. The donor-advised fund may also accept privately held stock, real estate and other complex investments.