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?
Direct deposit for tithing
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- Mikerowaved
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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
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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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.
However, given the original question, I wonder if the member wasn't asking about Donations in Kind.
Have you searched the Help Center? Try doing a Google search and adding "site:churchofjesuschrist.org/help" to the search criteria.
So we can better help you, please edit your Profile to include your general location.
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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.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.
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.