As Julia said, these vehicles will not be a fit for Guatemala Email List every donor, and so if none are right for you, you can still take advantage of tax benefits in other ways. For example, younger donors might consider giving stocks directly to charity. For charitably-minded retirees with traditional IRAs, there’s a tax relief strategy available, and it’s called the qualified charitable distribution. The QCD gifting option allows you, starting at age 70-1/2, to instruct your IRA custodian to Guatemala Email List direct IRA distributions up to $100,000 a year to a qualified charity. Because the IRA income goes directly to the charity, you do not report the QCD as taxable income, and you do not owe any taxes on that QCD, which may be particularly beneficial to you if you’re forced to take Guatemala Email List required minimum distributions and you do not need the extra money.
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In addition to avoiding taxable income, your IRA distribution Guatemala Email List can be put to good use by your favorite qualified charity. If you regularly support charities, you may find that the QCD gift option provides you with greater tax savings than even cash donations. Why is that? It’s because reducing your adjusted gross income generally provides a greater tax benefit than claiming a tax deduction because AGI is used in several calculations, such as determining the taxable Guatemala Email List portion of your Social Security benefits, or how much you would pay for Medicare premiums, or what deductions and credits you qualify for receiving. A QCD allows you to receive a tax benefit for your charitable contribution even if you do not itemize reductions, because, once again Guatemala Email List, that QCD is excluded from your taxable income. One caveat, one big caveat, obviously, is if tax laws were to change. MICHAEL:
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Well Vonny, I think that’s a great way for us to wrap up our Guatemala Email List conversation. I want to thank you and Julia, both, for joining me today, and taking us through the why and how of thinking about the array of giving vehicles open to donors who are looking to make a positive impact in the world. It’s obvious that supporting this kind of thoughtful, deliberative Guatemala Email List decision-making is something important to both of you, and that comes through clearly in both your work and in today’s discussion. So thank you, again. Thank you for listening. We hope you’ve enjoyed this episode. Please consider leaving us a review on Apple Podcast or Guatemala Email List your favorite listening app, as it helps others discover the show. We encourage you to listen to other episodes in this series, as well as other podcasts from SSIR.