Tag Archive: charitable giving

Can You Still Get a Charitable Deduction Under the New Tax Law? It Depends

December 17, 2018 3:57 pm Published by Nina T. Dow

There are many good reasons to give gifts and make charitable donations. Supporting a cause you care about tops the list. Research studies suggest that a habit of charitable giving may make you happier; any tax benefits are merely icing on the cake. Nonetheless, a December 31 deadline for tax purposes has trained many of us to focus on charitable donations at this time of year.

Given our ingrained habit of year-end giving, you may wonder how the 2017 Tax Cuts and Jobs Act impacts charitable giving. The good news is that charitable deductions can still be taken on your income tax return, depending on how much you give, in what form, and whether your itemized deductions ...

How to Make the Most of Your Charitable Giving This December

December 19, 2016 4:50 pm Published by Ann K. Molloy

With the end of the calendar year fast approaching, now is the time to make smart decisions about your charitable donations. Here are two ways to help your favorite charity while reducing your taxes:

Make a Qualified Charitable Distribution from Your IRA

If you are 70 ½ years or older, your IRA custodian or trustee can distribute up to $100,000 from your traditional or Roth IRA to the charity or charities of your choice. The funds you’re contributing cannot touch your hands—they must move directly from the IRA custodian or trustee to the charity. And the charity must be a public charity (i.e., a charity described in IRC §170(b)(1)(A)). A private foundation or a donor-advised fund won’t ...