2020 has been a trying year, but with the holiday season nearly upon us, giving back becomes front-of-mind for many, and in this unprecedented year, that support is needed more than ever.
A few things we have for you to remember – First visit with those organizations you wish to support to better understand the impact your gift will make if you decide to make a year-end gift. Second, meet with your financial advisor to better understand what assets would make the best gifts and what tax benefits have changed in 2020. For cash gifts in 2020 you can receive a charitable deduction up to 100% of your adjusted gross income. Appreciated stocks, bonds, mutual funds, property and even cash gifts have the potential for greater charitable deductions in 2020.
In addition, individuals age 70.5 and older with a traditional IRA have historically had the opportunity to roll their required minimum distribution directly to a charity without reporting it as income. For 2020, the age was raised to 72 with no mandatory distribution requirement. However, you can still take advantage of the rollover at age 70.5 for charitable gifts.
At the Oklahoma City Community Foundation, our expert staff and many charitable tools can help you make a charitable impact. With 365 charitable organization endowment funds, hundreds of scholarships and the ability to create a donor advised fund or legacy gift, we are prepared to help you make a difference in the community. In addition, GiveSmartOKC.org, our online date hub, donors can discover more than 300 central Oklahoma charities, their programs and how they benefit the community to make informed decisions.
By working with the donor services team at the Oklahoma City Community Foundation, you can be sure you can make decisions about the local nonprofit organizations you wish to support and what your impact will have on the community.
If you would like more information on how you can make a greater impact in your community through year-end gifts, call Joe Carter at 405-235-5603, or visit OCCF.org today.