During this season of giving, maximize your tax savings with several ways to support Norton Children’s Hospital.

Story by: Krissy Raque on December 31, 2018

During this season of giving, there are several ways to support Norton Children’s Hospital while maximizing your tax savings.

Because the new tax law doubled the standard deduction for both married and single filers, fewer taxpayers will itemize deductions. Whether you choose to itemize or take the standard deduction, we’ve compiled some opportunities to lower your taxes and make a meaningful impact on kids in Louisville, Kentucky and Southern Indiana.

Here are three tax-savvy strategies for giving to Norton Children’s Hospital this holiday season:

• Fund a charitable gift annuity or charitable remainder trust. Either option provides you with annual income, a charitable income tax deduction and potentially favorable capital gains treatment — all while supporting Norton Children’s Hospital. The specific benefits vary based on how you file your taxes.
• Make an outright gift of an appreciated stock. This option generates a charitable tax deduction if you itemize, and you’ll avoid paying capital gains tax on any increases in the stock’s value. Additionally, the Children’s Hospital Foundation receives the full value of your gift.
• Give from your pretax assets by making an individual retirement account (IRA) rollover gift. People age 70½ and older can give up to $100,000 from their IRA account directly to the Children’s Hospital Foundation. While you won’t be able to claim this gift as a charitable deduction, you do not pay income tax on the distribution. Also, it counts toward your annual required minimum distribution (RMD), and you can avoid dipping into other income sources to make a donation.

Beyond maximizing tax savings, your gift to the Children’s Hospital Foundation will make a positive impact on the more than 170,000 children who seek medical treatment at Norton Children’s Hospital and its sister facilities each year.

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.