Giving for Good—Donating IRA, Stock & Other Financial Assets - NFCR

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Giving for Good—Donating IRA, Stock & Other Financial Assets

IRA planning

There are many creative ways to generously support the National Foundation for Cancer Research (NFCR) while too accounting for what’s best for your family. Your gift can take multiple forms and can help you address your personal financial goals. Let’s, in simple English, dive a bit into some of these options before the end of the year rush is upon us.

Evidence shows that recent U.S. federal tax changes have introduced some confusion with respect to the tax advantages of charitable donations. The increase in the standard deduction may impact those who have previously taken advantage of the income tax charitable deduction. However, this doesn’t mean there still aren’t tax advantages to donating to NFCR. You may just need to plan a bit more.

If it looks as though you may lose out on the income tax charitable deduction, here are some options which may still offer you tax benefits to your giving.

  • Consider increasing your charitable donations for one year over another. This may allow you to exceed the standard deduction for the larger contribution year.
  • Alternatively, if you are 70 ½ or older, individual retirement account (IRA) charitable gifts are not taxable. This is a great way to reduce taxes even if you’re not eligible to use the charitable deduction.
  • Also, retirement accounts, such as a 401k, 403b or IRA, are tax free if left to NFCR, whereas they’re taxable when left to a beneficiary such as a child.
  • With the stock market near all-time highs, the opportunity to gift appreciated shares of stocks or mutual funds has never been more advantageous. By giving appreciated shares, you can avoid the capital gains tax, plus, should you choose, you could use the cash you would have typically donated to buy back the stock at today’s prices.
  • A Donor Advised Fund can help reduce taxes in those years where income may be higher due to a bonus or a positive economic event. These allow you to take advantage of a larger donation (lump sum) in the year you need it, while spreading out the grants into future years.

To learn more about these giving options, contact NFCR Planned Giving Officer Patrick Volk at pvolk@nfcr.org or 1-800-321 CURE (2873).

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