Give Wisely at Calendar Year-End!

December 22, 2022

piggy bank

 “An investment in knowledge pays the best interest.” 
Benjamin Franklin

Consider some ways to invest wisely at the calendar year-end.

  • Benefit from a charitable income tax deduction: Individuals who itemize may deduct 2022 gifts up to 60% of their adjusted gross income (AGI) for charitable contributions. If your contributions exceed the deduction limit, the amount of the excess contributions can be carried forward over the next five years.
  • Give all or part of a required minimum Individual Retirement Arrangements (IRA) distribution: An individual over age 70 1/2 is permitted to make a transfer directly from their IRA custodian to a qualified charity, like the Kean University Foundation. The amount transferred is then not included as taxable income and will count toward the required minimum distribution (RMD). 
  • Avoid capital gains tax: Individuals who contribute appreciated stock avoid incurring capital gains tax on the appreciation. 

To learn more about tax wise giving, contact Eileen M. Cotter, Philanthropy Officer, at or via phone at (908) 316-8924.