How can I be a good steward of my treasure?
- I acknowledge that all of my material possessions are gifts from God.
- I understand that my offering is my a thank you to such a generous God.
- I give in proportion to the gifts I have received.
- I strive to follow the Biblical tithe of 10 percent.
Why 10 Percent?
- 5 percent to the weekly Sunday parish offertory
- 1 percent to the annual Diocese of Orlando Catholic Appeal
- 4 percent to other charities of your choice (including second collections, offerings for the poor, etc.)
While 10 percent is recommended, the actual amount anybody gives is left up to them. The thought is that it is the job of those who go to the church to take care of the financial needs of that particular church. Therefore, parishioners should tithe what they can afford.
Qualified Charitable Distributions FAQs
What is a qualified charitable distribution?
Generally, a qualified charitable distribution is an otherwise taxable distribution from an IRA (other than an ongoing SEP or SIMPLE IRA) owned by an individual who is age 70½ or over that is paid directly from the IRA to a qualified charity. See Publication 590-B, Distributions from Individual Retirement Arrangements (IRAs) for additional information.
Can a qualified charitable distribution satisfy my required minimum distribution from an IRA?
Yes, your qualified charitable distributions can satisfy all or part the amount of your required minimum distribution from your IRA. For example, if your 2018 required minimum distribution was $10,000, and you made a $5,000 qualified charitable distribution for 2018, you would have had to withdraw another $5,000 to satisfy your 2014 required minimum distribution.
How are qualified charitable distributions reported on Form 1099-R?
Charitable distributions are reported on Form 1099-R for the calendar year the distribution is made.
How do I report a qualified charitable distribution on my income tax return?
To report a qualified charitable distribution on your Form 1040 tax return, you generally report the full amount of the charitable distribution on the line for IRA distributions. On the line for the taxable amount, enter zero if the full amount was a qualified charitable distribution. Enter “QCD” next to this line. See the Form 1040 instructions for additional information.
You must also file Form 8606, Nondeductible IRAs, if:
- you made the qualified charitable distribution from a traditional IRA in which you had basis and received a distribution from the IRA during the same year, other than the qualified charitable distribution; or
- the qualified charitable distribution was made from a Roth IRA.