As 2024 draws to a close, we want to express our gratitude for the numerous friends and donors who support Louisville Seminary’s mission to proclaim the Gospel, care for others, and work for justice in communities everywhere. In a year filled with challenges like no other, you make our mission possible.
As you reflect on your year-end charitable gifts, you may want to consider giving opportunities in support of our mission that may also be beneficial to your tax liability for the year.
Things to consider:
Did your income increase? Do you want to avoid taxes? Will you owe more taxes?
If so, you may want to consider increasing your giving before Dec. 31, 2024. There is a time-limited law that expires at the end of this year that allows for:
- The opportunity to deduct cash (only) contributions to qualifying organizations for up to 100% of your adjusted gross income (AGI). If you can't use all the deduction resulting from your gift in 2024, you can carry it forward for up to 5 years.
- Businesses may deduct up to 25% of taxable income, up from the previous limit of 10% for cash gifts provided to a public charity
- Donate online here!
Are you age 70 1/2 years or older and own an Individual Retirement Account (IRA)?
Rather than making your charitable gift from your checkbook, make a direct distribution to Louisville Seminary from your IRA:
- Avoid paying income tax on the distribution (although you cannot claim a charitable deduction)
- Qualified Charitable Distributions count toward your Required Minimum Distribution (RMD)
- If you choose this type of gift, we suggest you initiate your distribution by Friday, December 13 to ensure it is processed in 2024.
Do you own appreciated assets, such as publicly traded stocks?
You can donate stocks you have held for more than a year that have appreciated in value to Louisville Seminary.
- You will avoid capital gains tax
- Claim a charitable deduction for the full fair market value of the stock. If you can't use all of the deduction resulting from the gift, you can carry it forward for up to 5 years
- Click here for instructions on making your stock gift to Louisville Seminary
Please call 502.992.9347 or email giving@lpts.edu with any questions about your year-end giving. We also welcome your financial advisor, CPA or attorney to reach out with any questions on your behalf.
Checks can be mailed to:
Advancement Office
Louisville Seminary
1044 Alta Vista Road
Louisville, KY 40205
Donate Online to LPTS Learn More at LPTSGiving.org
THANK YOU!
* Note: certain IRS restrictions and requirements may apply to your charitable gift. Before claiming any tax deduction, consult with a professional tax advisor. Louisville Seminary does not provide legal, tax or financial advice.