A Tax-smart Gift for 2019

Many people will confront the tax consequences of last year’s revised tax law. Those who did not plan well, or at all, may be in for some unwelcome surprises. We can help you navigate this new reality and how it affects your charitable giving.

If you are over 70 ½ you can make a gift to MGH and enjoy the tax benefits even if you no longer itemize your deductions. Regardless of the size of the gift you would like to make, the IRA charitable rollover (known as a qualified charitable distribution or QCD by tax professionals) is the most tax-efficient lifetime gift of all. The IRA charitable rollover offers the functional equivalent of an income tax charitable deduction even if you don’t itemize.

It also counts toward the amount you are required to withdraw from your IRA for the year – your required minimum distribution. If you don’t need these funds for your own use, you can meet your required distribution by making gifts to MGH and your other favorite charities and avoid paying income tax on these withdrawals.

Here are the key benefits:

  1. Your withdrawal is not included in your income, so it doesn’t affect your taxes.
  2. Your withdrawal satisfies the required minimum distribution in the year of the gift.
  3. Your withdrawal satisfies the required minimum distribution in the year of the gift.

We are here to answer your questions and can provide you with the IRA charitable rollover requirement checklist. Or learn more how to initiate an IRA Rollover.

email: mghdevpg@partners.com | phone: (617) 643-2220

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