Tax-Smart Ways to Give This Year
While gathering your paperwork for your tax return, did you find yourself wondering whether you missed any opportunities to save?
Now is a great time to consider giving options that allow you to make a major difference at Midwest Health Foundation while also enjoying tax benefits that will show up on next year’s return.
Use Appreciated Securities
By donating stock that you have owned for longer than one year, you receive the same income tax savings as you would by making a gift of cash. You also eliminate any tax on the appreciation.
Contribute to Your Donor Advised Fund (DAF)
Add funds to an existing DAF or open a new one by a written agreement at a community foundation or sponsoring organization. You qualify for a tax deduction when you make a gift to a DAF, without immediately having to choose the organizations you want to support. If you are ready to start making an impact with your DAF, consider recommending a grant (or recurring grants) to support Midwest Health Foundation.
Make a Gift From Your IRA
If you are 70½ or older, you can give any amount up to $105,000 from your IRA directly to Midwest Health Foundation. You will not pay income taxes on the transfer. If you are required to take minimum distributions, you can use your gift to satisfy all or part of your obligation.
We’re Happy to Help
As you consider the smartest ways to leave a legacy, we are happy to help ensure that you realize the greatest benefit for your kindness. Please contact Meghan Moreno at 312-622-3739 or Meghan.Moreno@AdventHealth.com.