Ways to Give to IPF
Do you want to support the Indiana Parkinson Foundation and save on your taxes?
- Are you over 70.5 and have an IRA? If so, you can likely donate up to $100k out of your IRA and pay no taxes on the distribution. It is called a qualified charitable donation (QCD). We know the RMD age is now 72 but 70.5 remains the age for this opportunity. Qualified Charitable Donations also can satisfy all or part of your Required Minimum Distributions. Check with your financial advisor and /or tax preparer for more details on the benefits.
- Do you have stocks, bonds, ETF’s, or mutual funds you would like to avoid paying capital gains on? You can transfer those right to our brokerage account as a donation. There are no capital gains for you and as a nonprofit we do not have to pay them either. If the amount you are donating is over the standard deduction, you may save even more on your taxes.
- Did you donate to us in 2021? If so, there is a special tax deduction that does not require you to itemize. The limit was $300 for individuals and $600 for couples. Make sure to let your tax preparer know you supported us!
If you have more questions on these ways to save on taxes and support our foundation but do not have an advisor or tax adviser, we can connect you to someone who can discuss it with you.