Give Wisely at Calendar Year-End!
December 22, 2022
“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.