Donor Advised Funds are NOT eligible to receive Qualified Charitable Distributions from an IRA. However, IRA distributions may be received through a number of other funds at the Community Foundation, including our Scholarship Funds, iFunds, COE Funds or a Donor Designated Fund. We will be happy to help you direct your donations to a charity of your choice. Then consider our three Advised Fund options:
Take Advantage of 2021 Tax Incentives
The Coronavirus Aid, Relief, and Economic Security (CARES) Act helps counter the effects COVID-19 has had on our economy by making temporary changes to tax provisions. Whether you are itemizing or taking the standard deduction, the CARES Act could help alleviate some of your tax burden as you help those in need. Here’s how the bill could impact your taxes in 2021:
In 2021, taxpayers can get a charitable contribution deduction for 100% (previously capped at 60%) of their adjusted gross income for cash donations to nonprofit organizations.
Taking the standard deduction?
With the extension of the CARES Act for 2021, taxpayers now have the opportunity to take advantage of above-the-line deductions for charitable contributions up to $300 in cash donations, or $600 for a couple filing jointly.
How and where can you make a difference? Taxpayers must use cash donations to support public charities in order for these incentives to work, which excludes Donor Advised Funds, but includes cash donations to all other funds at the Oklahoma City Community Foundation, such as charitable organization endowment funds and scholarship funds.
Maximize your gift with us! Through Dec. 31, 2021, the Oklahoma City Community Foundation will MATCH your gift up to $600 to one of our iFund programs. Imagine the impact you could make this year.
Talk to your financial advisor today to learn how the CARES Act could help you this giving season! If you have questions, contact us at (405) 606-5603.
Looking for an advanced giving option? Donor Advised Funds continue to be great tools!
Many donors wanting to make an impact over the long term use their Donor Advised Funds as a charitable savings account, providing them the ability to grant to charitable organizations even when times are tough. The Community Foundation can help those who are interested establish their own Donor Advised Fund and capitalize on its numerous benefits.
Contact Joe Carter today at (405) 606-2914 to create your own donor advised fund and begin – or continue – supporting the charitable organizations or areas that mean the most to you!