Year-End Giving
Year-End Giving
As you consider a charitable gift between now and the end of the year, remember that gifts made on or before December 31st can generate income tax deductions to reduce your tax bill if you are planning to itemize your deductions*.
Center of Concern
1665 Elk Blvd.
Des Plaines, IL 60016
Tax Identification #36-2984360
Stocks and Mutual Funds
Wire transfers must be received at the Center of Concern’s bank on or before December 31, 2019, in order to be considered a 2019 contribution.
Giving from your IRA
If you’re required to take minimum withdrawals from an IRA or retirement plan because you’re age 70½ or older, you can use the pretax dollars in your IRA to make direct donations to a nonprofit, religious organization or other qualified charity.
This is called the IRA Qualified Charitable Distribution rule, and it allows IRA owners age 70½ or older who are subject to the required minimum distribution (RMD) rules to use the untaxed money in an IRA to donate to a charity tax-free. But you can’t also claim this charitable donation on your tax return (sorry, no double dipping allowed).
Note that the money withdrawn from an IRA and donated to charity stays out of your adjusted gross income only if you make a direct transfer to the charity. It’s not tax-free if you withdraw the money first, deposit it into another account and then donate it to the charity.
Bunching
Online via Credit Card or electronic check
Checks
Center of Concern
1665 Elk Blvd.
Des Plaines, IL 60016
Tax Identification #36-2984360
Questions about year-end giving and supporting the Center of Concern Please contact Greg at (847) 823-0453 x1011 for additional information.
*This information should not be construed as investment, tax or legal advice. Before making your charitable gift, please consult with your financial, legal and other advisers. Information provided is general in nature. It is not intended to be, and should not be construed as legal or tax advice. The Center of Concern does not provide legal or tax advice. Laws of a specific state or laws relevant to a particular situation may affect the applicability, accuracy, or completeness of this information.