Tax Benefits of Donating

Did you now due to federal legislation you could benefit from a year - end donation?

How Your Generosity Benefits You

  • In 2021 only, if you do itemize your deductions, you may deduct cash gifts up to 100% of your adjusted gross income (AGI) instead of the usual 60% limitation.
  • No change was made for the age at which you can make a Qualified Charitable Distribution (QCD). If you are at least 70 ½, you can still direct a QCD from your retirement account up to $100,000 without recognizing the income.
  • The Required Minimum Distribution (RMD) age was increased from 70 ½ to 72 for retirement assets, and RMDs may be suspended in 2020.
  • If you take the standard deduction on your taxes, you can also take a charitable deduction for charitable contributions up to $300 per tax return for an individual or $600 for a couple.
  • You may grant a one-time or recurring gift through your Donor Advised Fund.
  • Consider naming the Willow Center for Grieving Children as a beneficiary of a retirement account, donor-advised fund or life insurance policy.
  • Just in: The Consolidated Appropriations Act of 2021 extends all tax benefits from 2020 into the 2021 tax year and INCREASES the charitable deduction from $300 to $600 per tax return (for joint filers).

Please consult with your professional advisors on how these suggestions may impact you.

If you have any questions or would like more information about making a gift, please contact us at [email protected] or call 208-791-7192


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