Finish the year with a gift to Norton Children’s
Remember the Children’s Hospital Foundation during the season of giving
The end of the year is approaching, but there’s still time to make a gift to the Children’s Hospital Foundation. Here are a few ways you can support the hospital — and you may get a tax benefit.
- Cash gift. You can give any amount as a one-time gift; you also can set up a monthly donation to spread the gift amount throughout the year.
- Direct gift from your individual retirement account (IRA). To make this type of gift, you must be at least 70½ years old at the time of the gift and it must go directly to the Children’s Hospital Foundation. You can transfer up to $100,000. While you cannot claim a charitable tax deduction for this type of gift, an IRA rollover gift counts for your required minimum distribution and you don’t have to claim it as income. Plus, you don’t have to dip into other income sources to make a donation.
- Stock gifts need to be made by Dec. 29. 31 is on a Sunday this year, so don’t wait until the very last minute to use your appreciated stock for charitable gifts. You get a double benefit from this type of gift. You can claim the full value of the stock as your charitable contribution, plus you do not have to pay any long-term capital gains tax.
You need to start the stock transfer no later than Friday, Dec. 29, but to be safe you should consider making your stock gift earlier in the week. Most stock transfers are done electronically, so call the Children’s Hospital Foundation at (502) 629-8060 to get stock transfer instructions.
With a little planning, you can maximize your tax savings while making a meaningful charitable gift that impacts children’s lives.
Note: The Children’s Hospital Foundation does not provide legal, financial or tax advice. Consult with a qualified tax professional before making any charitable gift.