Ways to make an impact at year-end.
We are so grateful to those of you who have chosen to make a year-end gift to MOM (Middleton Outreach Ministry). To ensure your gift giving strategies are most effective for you, please consult with your attorney, tax or other financial advisors.
You might want to ask them about:
GIVING APPRECIATED STOCK – Under the new tax laws in 2018, the donor of appreciated securities, including stock, bonds, and mutual funds, directly to charity, is entitled to an income tax charitable deduction equal to the stock’s fair market value on the date of the donation, up to 30 percent of the donor’s adjusted gross income and there is no capital gains tax.
MAKING A GIFT FROM YOUR IRA – If you are 70 ½ years old or older, you are required to take an annual minimum distribution from your Individual Retirement Account. Those dollars would ordinarily be taxed as regular income. However, you can transfer up to $100,000 directly to a qualified charity. This qualified charitable contribution counts toward your required minimum distribution and reduces your taxable income.
OPENING A DONOR ADVISED FUND – One way to maximize your charitable giving and your tax deduction is to make larger contributions in less frequent intervals to a donor advised fund (DAF). Contributing 2-3 years’ worth of charitable gifts at once to a DAF, allows you to claim an immediate income tax deduction in the year you contribute, while granting out the funds to your favorite charities over time.
Remember to contact your Financial Advisor, if applicable, as soon as possible to discuss strategies and about personal giving intent.
PLEASE NOTE: To qualify for a 2019 tax deduction: All mailed gifts must be postmarked by or on December 31. Credit card gifts must appear on your statement as having been charged by December 31.
Thank you and best wishes for a healthy, happy, and prosperous New Year from all of us at MOM!
For questions about how your dollars are working to strengthen our community through MOM, or to schedule a tour, please call Patricia Eldred at 608 826-3402 or email email@example.com
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