Donations
Showing 4 results of 4
Can and Should You Make Charitable Donations with Cryptocurrency?
Dec 05 2023
By Eric Rosenberg, WCI Contributor Cryptocurrency and other blockchain assets offer unique opportunities for charitable donations. Like cash, you can send cryptocurrency to a charitable organization, ...
whitecoatinvestor.com
Charitable Donations- what (if anything) are you donating now?
Nov 17 2023
Noob here- sorry if this is addressed elsewhere, and if so, please send links! But having recently retired, I’m curious what your strategy is for charitable giving (for those here who can afford...
reddit.com
Crypto Donations Now Need An Appraisal
Feb 02 2023
Cryptocurrency donations will now require a formal appraisal to support an income tax deduction. That will make it costly and complicated to qualify for a tax benefit....
forbes.com
What’s the most tax-efficient way to use my required minimum distribution to make a charitable donation?
Dec 22 2022
You asked just in time! You have until Dec. 31 to make a qualified charitable distribution (QCD) from your IRA or other tax-deferred retirement plan and have it count toward your required minimum dist...
marketwatch.com
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About Donations
Retirement donations refer to charitable gifts that are made from a retirement account, such as a 401(k) or Individual Retirement Account (IRA). These types of donations can be an effective way to support charitable causes while also potentially benefiting from tax advantages.
There are several ways to make a retirement donation:
Direct rollover: You can donate all or a portion of the assets in your retirement account directly to a charitable organization. This type of donation is tax-free if you are over the age of 70 1/2 and the charitable organization is a qualified charity.
Charitable rollover: If you are over the age of 70 1/2, you can donate up to $100,000 per year from your IRA directly to a charitable organization. This type of donation counts towards your required minimum distribution (RMD) and is not included in your taxable income.
Charitable contribution deduction: If you are still working and contributing to a 401(k) or other employer-sponsored retirement plan, you can make charitable donations from your account through a salary reduction agreement. The donations will be deducted from your pay before taxes, reducing your taxable income.
It's important to consider the tax implications of retirement donations and to seek the guidance of a financial professional or tax advisor before making a charitable gift from a retirement account.