Year-end is closing in, and it’s easy to get overwhelmed by all the advice floating around about what to do before December 31. We’re making it super easy for you! Here are three reminders that typically are among the most important for year-end charitable giving.
–Give stock. Evaluate your highly-appreciated stock positions and use these assets to give to your fund, or any fund, at the Winona Community Foundation. Appreciated assets generally are far better charitable gifts than cash because you not only can take advantage of the income tax deduction, but also you can avoid capital gains tax.
–Use your donor-advised fund or open a donor-advised fund. Consider deploying a “bundling” or “bunching” technique by making a gift this calendar year that allows you to leverage itemized deductions (the standard deduction is very high, at least at the moment), and then use your donor-advised fund over the next few years to support your favorite charities.
–Explore a QCD. If you are age 70 ½ or older and have an IRA, you absolutely must consider making a Qualified Charitable Distribution (QCD) to charities you care about, including to any of the Winona Community Foundation’s unrestricted, designated, or field of interest funds. You can give up to $105,000 in 2024, and if you are at the age of required minimum distributions, your QCD will count toward satisfying your RMD. If you’re a married couple and both spouses have their own IRA, each has the opportunity to give up to the $105,000 maximum. Unfortunately, the IRS does not allow you to give a QCD to a donor advised fund.
November is the time to set things in motion so you don’t get caught up in the year-end rush. Reach out to our staff today! We are here for you!
