Charitable Giving for Youth Shooting Sports
SUPPORT YOUTH SHOOTING SPORTS WHILE DEDUCTING 100% OF ADJUSTED GROSS INCOME.
TAKE ADVANTAGE OF ONE-TIME OPPORTUNITIES FOR 2021 THROUGH EXTENSIONS OF THE 2020 CARES ACT.
TAKE ADVANTAGE OF THIS SPECIAL OPPORTUNITY BY ITEMIZING DEDUCTIONS WITH GIFTS TO CHARITY. PRIOR TO THE CARES ACT, THE MAXIMUM DEDUCTION WAS 60% OF AGI
THIS UNIQUE OPPORTUNITY FOR 100% DEDUCTION OF AGI APPLIES TO CASH DONATIONS TO PUBLIC CHARITIES.
SOME DONORS REACH 100% OF AGI BY GIVING A PERCENTAGE OF AGI TO THEIR DONOR-ADVISED FUND AND THE REMAINING AS CASH DIRECT TO PUBLIC CHARITIES. PUBLICLY TRADED STOCK MAY ALSO BE UTILIZED TO REACH 100%, SOME DONORS MAY ELECT TO GIVE 100% CASH DIRECT TO PUBLIC CHARITIES.
EVEN IF YOU DON’T ITEMIZE, THE CARES ACT STILL PROVIDES A UNIQUE OPPORTUNITY.
EVERY INDIVIDUAL CAN DONATE $300 TO CHARITY AND RECEIVE THE CORRESPONDING BENEFIT. MARRIED COUPLES CAN DONATE $600 TO CHARITY AND GET THIS “ABOVE THE LINE” DEDUCTION. IT’S A GREAT OPPORTUNITY FOR EVERYONE TO SUPPORT YOUTH SHOOTING SPORTS.
STOCKS OR MUTUAL FUNDS.
BY ALLEVIATING YOUR CAPITAL GAINS TAX, THIS MAY BE A MORE ADVANTAGEOUS ASSET TO DONATE BASED ON YOUR CIRCUMSTANCES.
DONOR-ADVISED FUND
YOU CAN ITEMIZE CONTRIBUTIONS TO A DONOR-ADVISED FUND, AND DESIGNATE A GIFT TO SUPPORT SCHOLASTIC SHOOTING SPORTS FOUNDATION
SIMPLE DONATION FROM A CHECKING ACCOUNT.
MONEY SAVED IN OTHER AREAS CAN SERVE AS A GIFT FROM YOUR CHECKING ACCOUNT, WHICH PROVIDES IMMEDIATE, MEANINGFUL SUPPORT TO THE HEALTH OF YOUTH SHOOTING TEAMS THROUGHOUT THE COUNTRY
IRA QUALIFIED CHARITABLE DISTRIBUTIONS
YOU CAN GIFT UP TO $100,000 ANNUALLY FROM YOUR IRA, CALLED A QUALIFIED CHARITABLE DISTRIBUTION (QCD) AND ARE EXCLUDED FROM YOUR TAXABLE INCOME.
ANYONE AGE 72 OR OLDER AS OF DECEMBER 31, 2021, MUST TAKE THEIR REQUIRED MINIMUM DEDUCTION (RMD) BY YEAR-END. THIS INCLUDES INHERITED IRAS. IF IT IS YOUR FIRST RMD, YOU HAVE UNTIL APRIL 1, 2022.
RMDS MAY ALSO BE TRANSFERRED TO A QUALIFIED CHARITY.
INDIVIDUALS 701⁄2 YEARS OLD AND UP TO DONATE UP TO $100,000 DIRECTLY TO CHARITIES OR A DESIGNATED FUND. THIS GIFT ALLOWS INDIVIDUALS TO INCREASE THEIR GIVING WITHOUT INCREASING THEIR TAXABLE INCOME.
THOSE WHO ARE 591⁄2 YEARS OLD CAN TAKE ADVANTAGE OF THE OPPORTUNITY BY TAKING A DISTRIBUTION FROM THEIR RETIREMENT ACCOUNT AND CONTRIBUTING CASH UP TO 100% OF AGI. THIS ALLOWS THE 100% OF AGI OPPORTUNITY TO BE ATTAINABLE FOR MANY PEOPLE.
The Scholastic Shooting Sports Foundation does not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.
