November 30, 2023
Consider WayForward Resources for your year-end giving plans
We are grateful to everyone who has provided generous financial support to WayForward Resources this year.
As you make your year-end giving plans, please consider talking with your tax or other financial advisors about joining our community efforts to provide food access and housing stability in one of the following ways:*
MAKE A GIFT FROM YOUR IRA
Qualified charitable distributions (QCDs) from your individual retirement account (IRA) are still tax-free. Anyone age 70 ½ or older may receive QCD treatment for certain transfers of up to $100,000 from their IRA directly to a qualified charity. Transfers qualifying as QCDS are not included in taxable
income and reduce the balance of your retirement account (on which you and your heirs will ultimately pay tax). You can direct your QCDs to one or more qualified charitable organizations of your choice.
Note: Be sure to confirm with your advisor that the transfer meets the requirements to be treated as a QCD.
OPEN A DONOR ADVISED FUND
If you want to retain flexibility in the causes you support, consider establishing a donor-advised fund. You can plan a charitable tax deduction this year and retain the flexibility to distribute gifts to charities later or over multiple years.
GIVE APPRECIATED STOCK
Gifts of appreciated securities may provide an increased tax deduction. If you have stocks or other securities that are worth more than you paid for them, and you’ve owned them for at least 12 months, consider giving those to charity. This may avoid capital gains tax and allow a charitable deduction for the securities’ full fair market value. Your deduction for donations of appreciated stock or securities to public charities is limited to 30% of your adjusted gross income each year, but you can carry over any excess deductions for up to five additional years.
Note: Since gifts of appreciated stock can take time to process, coordinate with your financial advisor as soon as possible to ensure a transfer can be completed by year end.
*Thank you to Madison Community Foundation for providing this information.