Greater Tax Benefits to donating in 2021 Tax Year

When pulling together your charitable tax receipts for 2021, remember there is more to gain from gifting this year. When reviewing your total itemized deductions, if they do not exceed the standard deduction, you will generally report the standard deduction on your tax return.

For the 2021 tax year, taxpayers can deduct up to $300 (or $600 if married and filing jointly) in addition to your standard deduction of cash contributions made to a public charity. Those of an age required to take minimum distributions from their IRA can choose to make a gift of up to $100,000 from their IRA to a charity or charities and that amount counts towards the taxpayers Required Minimum Distribution for the year. A distribution directly from an IRA is called a Qualified Charitable Distribution (QCD).

There are many benefits to a QCD. Consult with your accountant or financial planner to learn more about how to take advantage of these current tax benefits.
Interested in making the CoxHealth Foundation a part of your estate plan? Contact us at 417-269-7109 for more information on the impact your gift can have on community health.