Remember, if you itemize you will be able to receive a charitable tax deduction.
- Charitable IRA Rollover – Donors over age 70 1/2 can make charitable gifts up to $100,000 through a Charitable IRA Rollover. These gifts are directly transferred to the charity and avoid income tax upon withdrawal and count towards meeting the required minimum distribution.
- Appreciated Securities – Rather than selling securities and donating the cash to a charity, a donor can give appreciated stock/securities and avoid paying capital gains taxes.
- Large Charitable Gifts – There are greater tax savings when you are able to itemize. If you are close to the itemization deduction threshold, consider making larger gifts to charity.
- Include Charitable Gifts in Estate Plans – A bequest to a charity is a great way to give to others, through your will, after death. Doing this allows you to both use the asset during your lifetime then donate it later.
- Retirement Plan Gifts – Giving all or part of retirement plan assets will avoid the associated income tax. This type of donation allows you to make a greater gift to charity and leave your heirs other gifts that will not be accompanied by income taxes.
Learn more about other ways to give.
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