Spring is upon us! As the flowers start to bloom and our dedication to our mission continues to grow, the Davis Phinney Foundation wants to help you this tax season. Before you file your 2021 taxes, take a moment to think about your financial journey for the year ahead. Do you plan to make a difference by living well and inspiring action this year? If so, read on about a method of giving that may make a difference for you as well.
Donors who are 70.5 years old or older with traditional IRAs are eligible to benefit from an IRA gift. In many cases, this kind of gift is 100% tax-free, and can potentially have a real impact on your 2022 taxes by allowing you to give without increasing your taxable income.
With this online tool, you can fill out the necessary forms online, or, print and complete your forms offline, whichever you prefer.
For donors who are 72 and older, an IRA gift can also count towards your Required Minimum Distribution (RMD), without the taxes associated with regular IRA withdrawals. The first dollars you remove from your IRA this year count toward your RMD and can be taxed as income, even if you are planning to donate to charity later!
Consider making your first withdrawal a charitable gift to satisfy your RMD and save on taxes as you make a real-world impact with the Davis Phinney Foundation.
In the spirit of living well, we hope this tool allows you to continue your commitment to the Davis Phinney Foundation in a way that is also beneficial to you.
If you have any questions about this resource or planned giving with the Foundation, please contact Rich Cook at firstname.lastname@example.org.