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 ecotter@keanfoundation.org or via phone at (908) 316-8924. 

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