Direct deposit for tithing

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scchristensen
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Direct deposit for tithing

Postby scchristensen » Tue Mar 16, 2010 9:25 pm

I was asked by a member to investigate whether they could pay their tithing via direct deposit. In particular they want to make disbursements from their 401k savings to pay their tithing.

The benefit is that the disbursement would not be taxed, and he would not have to report the disbursement at tax time.

Does anyone know if this is possible? If so, what account would he deposit to?

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Mikerowaved
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Postby Mikerowaved » Tue Mar 16, 2010 10:25 pm

Please have the member contact Church Headquarters directly for answers regarding direct deposit of donations.

They can be reached at 801-240-2554 or 1-800-453-3860 ext 2-2554 or feel free to email them at donations@ldschurch.org.

Thanks,
Mike
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crislapi
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Postby crislapi » Wed Mar 17, 2010 10:31 am

This idea has also been described in previous posts. Please see this post as a starting point.

russellhltn
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Postby russellhltn » Wed Mar 17, 2010 11:22 am

For direct deposit, Mike's answer is the correct one. This has been a recent change.

However, given the original question, I wonder if the member wasn't asking about Donations in Kind.
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lajackson
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Postby lajackson » Wed Mar 17, 2010 4:15 pm

RussellHltn wrote:For direct deposit, Mike's answer is the correct one. This has been a recent change.

However, given the original question, I wonder if the member wasn't asking about Donations in Kind.


There is a fairly new provision in the (US) tax code where you can donate a large hunk of your 401k to a charitable organization (i.e., the Church) with no tax consequences. I would guess this is what he wishes to do.

I think the 401k manager has to pay the organization directly, so contacting CHQ would be the thing to do in this case to find out how to handle the receiving end of things.


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