What is a Charitable Gift Annuity?
A charitable gift annuity is a simple contract. You make a gift to Catholic Gift Annuity, and in return, you receive fixed payments for life. At your death, the remaining balance of the gift annuity is distributed to St. Paul the Apostle Catholic Church.
Cash Donated | $10,000.00 | |
Annuity Rate | 6.4% | |
Annual Annuity Payment | $640.00 | |
Tax-Free thru 2024 | $522.24 | |
Taxable | $117.76 | |
Charitable Deduction | $4,724.80 |
Elizabeth, who itemizes her deductions when filing her tax return, includes the charitable deduction of $4,724.80. At her 25% tax bracket, this generates a tax savings of $1,181.20.