Info from Our Treasurer
$$ Tax Code Update $$
As we look ahead to 2026, there were some changes to the tax code recently passed by the Government that you may benefit from as you support St. Luke’s.
For those taxpayers that claim the standard deduction, an Above-the-Line-Charitable-Deduction has been included. This allows for the first $1,000 ($2,000 for a couple) of charitable giving to be deducted from your taxable income. Making a pledge to the Church ensures you receive quarterly statements for your tax reporting.
For those that support the Church through Qualified Charitable Deductions from an IRA, 2026 will see a rise to $105,000 per person per year. QCD’s also help satisfy the Required Minimum Distributions for that IRA.
New One-Time Election: A new provision allows individuals to make a one-time election to do a QCD of up to $50,000 into certain types of charitable trusts, such as Charitable Remainder Unitrusts (CRUTs) or Charitable Gift Annuities (COAs). This amount will count against the total QCD for that year.
Ask your tax planner if you have any questions on these exciting changes!
Peace and Grace,
Michael Sullivan, Treasurer
|