Year End Tax Savings
With the uncertainty surrounding tax law changes, save money through charitable giving as you celebrate Chanukah and Giving Tuesday.
Appreciated Securities (held over a year) Gifts
- Receive a charitable income tax deduction for the full fair market value of the property gifted.
- Bypass capital gains tax on the appreciation of the securities.
Qualified Charitable Distribution (QCD) or “IRA Rollover” Gifts
- If you are 70 ½ years old or older, you can make a gift from your IRA to Oak Park Temple.
- Gifts of any value $100,000 or less are eligible for this benefit and you can see the difference your donation is making now.
- You pay no income taxes on the gift. Since the transfer does not generate taxable income, there is no tax deduction either. You benefit even if you do not itemize your deductions.
- Since the distribution does not count as income, it can reduce your annual income level. This may help lower your Medicare premium and the amount of Social Security that is subject to tax.
100% Deductible Charitable Gifts
- The Cares Act provision allowing you to deduct cash gifts to charity up to 100% of your adjusted gross income was extended and will expire on December 31, 2021.
- The Act also allows non-itemizers to take a deduction for charitable cash gifts up to $300 for an individual or up to $600 for joint filers.
Electric transfer instructions can be found here.
For more information contact us at 708-386-3937 or templeadministrator@oakparktemple.org.
This is not intended to be legal or tax advice. We encourage you to consult your own legal or tax advisor to see how you may be affected by the IRA charitable rollover law. Please consult your tax and/or financial advisor before making a gift of stock.
Wed, April 17 2024 9 Nisan 5784