Living Generously: Helpful tax hints for 2020 gifts

Living Generously: Helpful tax hints for 2020 gifts

Living Generously: Helpful tax hints for 2020 gifts 3334 1459 Kim Bowman

Now is the perfect time to support Way to Grow’s vision to ensure every child has an opportunity to succeed in school and life – and enjoy extra tax benefits for your generosity. 

  • Taxpayers who don’t itemize gifts on their tax returns can receive up to a $300 tax deduction for 2020 gifts.
  • Taxpayers who do itemize can deduct up to 100% of their Adjusted Gross Income (AGI) for gifts made in 2020.
  • With the stock market surging, you may own shares of stock that have grown significantly in value over the years. Gifting stock directly to Way to Grow allows you to avoid paying capital gains taxes in the shares while allowing Way to Grow to utilize the full proceeds toward its vital mission.
  • While those age 70-1/2 and older are not required to take minimum distributions in 2020 from their IRAs due to the CARES Act, you may still make charitable gifts from your IRA. Qualified Charitable Distributions (QCDs) use pre-tax dollars to fulfill gifts to charities, tapping funds already tucked away.  Gifts up to $100,000 per person bypass your federal tax return and are not taxed as income nor deducted as gifts. To make a QCD to Way to Grow, please contact your IRA custodian immediately to ensure timely fulfillment.

If you have questions, Kim Bowman is pleased to assist you at 612.874.4740. Thank you for your great support that changes lives, and puts children and families on the pathway to success.

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