How to Make a Stock Transfer to Wellspring
Always check with your financial advisor before making a donation of securities. Typically, it is prudent to donate appreciated securities, because you may deduct the appreciated value (average of high and low price on the day of the trade) and avoid paying some of the capital gains tax. (This donation would be recorded on IRS Form 8283 and attached to your Form 1040.) If the security has decreased in value, it is generally better to sell the security and take the tax write-off yourself. You may then wish to write a check to Wellspring to obtain the tax deduction for a charitable contribution.
Procedure:
- Always
check with your financial advisor before making a donation of securities. Typically, it is prudent to donate
appreciated securities, because you may deduct the appreciated value (average
of high and low price on the day of the trade) and avoid paying some of the capital
gains tax. (This donation would be
recorded on IRS Form 8283 and attached to your Form 1040.) If the security has decreased in value, it is
generally better to sell the security and take the tax write-off yourself. You may then wish to write a check to
Wellspring to obtain the tax deduction for a charitable contribution.
- Notify the Director of Finance at Wellspring UMC so she will anticipate the receipt of funds from Edward Jones Investments.
Wellspring UMC POC at Edward Jones Investments
Andrew B. Cottrill, CFP, ChFC
102 W. Morrow St. #102
Georgetown TX 78626
(737)-347-0828
Wellspring UMC – Director of Finance
Gwen Guzenski
(512)-930-5959 – option 6