Amanda Malloy, ASA Director of Development

Inspired by recent visits with ASA members (yes, still virtually), I thought I’d share answers to some of the most common questions surrounding charitable giving. Hopefully, you will find this information helpful as you plan your giving for this year and beyond.

Did you know…

Deductions for charitable giving were extended into 2021?
In December 2020, a new stimulus package was signed into law that extended the charitable tax incentives and provided an additional boost. For the 2021 tax year, single filers taking the standard deduction can deduct up to $300 of charitable contributions, and those married/filing jointly (who aren’t itemizing) can deduct up to $600 in charitable contributions.

Giving through your IRA can provide great tax advantages?
For those who are 70 ½ and older and required to take the minimum distribution, this can be especially advantageous. The portion of the required minimum distribution (RMD) you donate is not considered taxable income, so you can end up in a lower tax bracket while still meeting all the RMD requirements. You just need to make sure the gift amount is distributed directly from your IRA to your charity of choice.

Monthly giving can help you spread out your annual donation?
In response to several requests made by ASA members, we launched a monthly giving program to allow donors to make automatic monthly donations. There are many benefits to doing this. It allows donors to spread out an annual donation over 12 months, rather than donating the whole amount at once. For many folks, this allows them to give more over time than they would otherwise be able to. Plus, you don’t have to remember to donate and you can cancel or change the amount at any time.

There can be lots of benefits to charitable gift planning?
Including the ASA in your charitable gift planning (or estate planning) is a meaningful way to make a lasting impact on the important work of the organization, while allowing you to achieve your own philanthropic goals. Charitable gift planning can help you increase income in retirement, reduce your income tax to help avoid capital gains taxes, maximize inheritance for your heirs, and more. Plus, when you let me know you have included the ASA in your estate plans, you are recognized as a member of the 1839 Society!

Learn more about monthly giving and charitable gift planning or email Amanda Malloy with questions.