Charitable Giving Benefits for 2023
A Tax-Wise Way to Give
Charitable contributions are one of the best tax-saving opportunities available. Not only does the charity benefit, but taxpayers also enjoy tax savings by deducting part or all of their contributions on their tax returns.
To claim a tax-deductible donation, you must itemize on your taxes. That means filling out Schedule A along with the rest of your tax return. In order to take a tax deduction for your charitable contributions in 2023, your total deductions must exceed the standard deduction for your tax filing status.
Limits for the standard deductions in 2023 have increased. The new limit for those filing single is $13,850 and the standard deduction for those filing married, jointly is $27,700.
There is a limit to charitable giving which is set by the IRS. Similar to 2022, cash contributions in 2023 can make up 60% of your adjusted gross income or AGI. The limit for appreciated assets in 2022 and 2023, including stock, is 30% of your AGI. Contributions must be made to a qualified organization like The Nature Foundation of Will County.
Learn more about tax deductible donations for 2023.
As always, please consult your legal counsel, tax professional, or financial planner before making any major financial decisions.
For those 70½ Years Old and Older
You can give any amount (up to a maximum of $100,000) per year from your IRA directly to a qualified charity such as The Nature Foundation of Will County without having to pay income taxes on the money.
Gifts of any value $100,000 or less are eligible for this benefit and you can feel good knowing that you are making a difference when you Invest in Nature! This gift option is called the IRA charitable rollover, but it is also referred to as a qualified charitable distribution, or QCD.
For Those 59½ Years Old or Older
If you are at least 59½ years old, you can take a distribution and then make a gift from your IRA without penalty. If you itemize your deductions, you can take a charitable deduction for the amount of your gift.
At Any Age
No matter your age, you can designate The Nature Foundation of Will County as the beneficiary of all or a percentage of your IRA and it will pass to us tax-free after your lifetime. It’s simple. Just contact your IRA administrator for a change-of-beneficiary form or download a form from your provider’s website.
Legacy donors are truly special. When you become a legacy donor, you have the power to sustain and enhance a wide variety of programs, all of which protect nature, inspire discovery, and bring people and nature together!
Please contact us today to talk more about a planned gift that aligns with your personal values, planning needs and charitable aspirations. We would be honored to partner with you on this journey.
Call us today at 815.722.2022 or email us at email@example.com to discuss your legacy interests, goals and gift.
The Nature Foundation of Will County
17540 W. Laraway Rd.
Joliet, IL 60433
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