It’s Not Too Early for Year-End Gift Planning

September 2024

As we enter the final quarter of the calendar year, it’s not too early to start planning your year-end charitable gifts and minimize the income taxes you will owe for 2024.

There are several ways to maximize your charitable giving, while reducing your taxes:

1. Make a gift of appreciated securities/stock

a. Donors can have a larger impact when they make gifts of appreciated securities/stock. It’s simple to do. You can find the stock transfer instructions on the Kean University Foundation webpage. You will receive a tax deduction for the full value of the stock transfer and avoid paying capital gains taxes which would be due if you had sold the stock.

2. Set up a Donor Advised Fund

a. Donor Advised Funds are perfect for individuals who want to maximize their itemized charitable deductions in a certain tax year, while spreading out their donations to select charities over time. Through a Donor Advised Fund you can make a gift now and receive a tax deduction in 2024, then request gift distributions from the Donor Advised Fund to the Kean University Foundation anytime in the future.

3. Make charitable gifts directly from your IRA

a. If you are 70 ½ or older, you can make a Charitable IRA Rollover, otherwise known as a Qualified Charitable Distribution. There is no limit to the number of gifts you can direct from your IRA as long as the dollar amount doesn’t exceed $105,000 during calendar year 2024. Furthermore, these gifts count against your RMDs (if you are required to take them) and reduce your taxable income.

4. Set up a Charitable Gift Annuity (CGA)

a. Donors who choose to set up a Charitable Gift Annuity (CGA) receive an immediate tax deduction and guaranteed fixed income for life, while having the satisfaction of supporting the Kean University Foundation.

Please contact Lori Funicello, CFRE, Director of Planned Giving at the Kean University Foundation at (908) 481-5336 or lfunicel@keanfoundation.org to learn more about tax-smart ways to plan your year-end giving.

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