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So Long, 2022! Celebrate With Tax Savings

As you get ready to toast the new year, consider these smart ways to wrap up 2022 on a financial high note. Not only can you save on your taxes, but you can also make a huge impact at St. Mary's Dominican High School.

Contribute appreciated stock instead of cash.

If you have owned a stock for more than one year and it has grown in value, you may be in line for two tax benefits: avoid taxes on the appreciated value and qualify for an income tax charitable deduction based on today’s market value when you itemize.

You will enjoy the same benefits with a gift of appreciated cryptocurrency.

You receive the same tax saving as if you wrote a check, but with the added benefit of eliminating capital gains taxes.

Timing: Complete all transfers by Dec. 31. This includes by mail, electronic transfer or hand-delivery of the assets.

Sell depreciated assets and donate the cash.

Unfortunately, 2022 wasn’t good for all portfolios. If you would like to support St. Mary's Dominican High School but your stocks or cryptocurrency have fallen in value, it is best to sell them first and then donate the cash. This allows you to record the loss as a tax deduction and qualify for an income tax deduction for the gift.

Timing: Complete all transfers and cash donations by Dec. 31.

Open a donor advised fund account.

Contribute to a donor advised fund and enjoy a tax savings on that amount when you itemize.

Timing: Complete the contribution by Dec. 31. You do not have to designate the funds this calendar year to receive the tax benefits.

Make a qualified charitable distribution of IRA assets.

If you are 70½ or older, you can give any amount up to $100,000 per year from your IRA directly to St. Mary's Dominican High School. You will not pay income taxes on the transfer. If you are required to take minimum distributions, you can use this transfer to satisfy all or part of your obligation.

Timing: We must receive your gift by Dec. 31 for your donation to qualify this year. If you have check-writing features on your IRA, please be aware that your check must clear your account by Dec. 31 to count toward your required minimum distribution for the calendar year.

Help offset the tax liability on a retirement account withdrawal.

If you are 59½ or older, you can take a distribution from your retirement plan account and then make a gift to St. Mary's Dominican High School without an early withdrawal penalty. If you itemize your deductions, you can take a charitable deduction for the amount.

Timing: If your gift is in the form of a check, it must be postmarked on or before Dec. 31 for your donation to qualify this year.

How to Make a Tribute Gift

Any year-end gift can be made in a loved one’s name. This can be a heartfelt way to celebrate someone important in your life or to remember someone.

The Countdown Is On

As we approach the end of the year, we are happy to help ensure that you realize the greatest benefit for your hard-earned assets. Please contact Jamie Lassere at 504.865.9401 ext 1490 or jlassere@stmdhs.org.

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Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. California residents: Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. Oklahoma residents: A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. South Dakota residents: Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.

Sponsored By Dominican Sisters of Peace

A charitable bequest is one or two sentences in your will or living trust that leave to St. Mary's Dominican High School a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

 Bequest Language

"I, [name], of [city, state, ZIP], give, devise and bequeath to St. Mary's Dominican High School [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to St. Mary's Dominican High School or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to St. Mary's Dominican High School as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to St. Mary's Dominican High School as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and St. Mary's Dominican High School where you agree to make a gift to St. Mary's Dominican High School and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.
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