Is it possible to name a charity as the beneficiary of my life insurance policy?
Love giving to your favorite charity? Consider making them the beneficiary of your life insurance policy. Learn more in this Insurance tip.
Love giving to your favorite charity? Consider making them the beneficiary of your life insurance policy. Learn more in this Insurance tip.
Charitable giving can be enhanced using income tax deductions. Consider including it as part of year-end tax planning. Learn more in this Tax Tip.
Taxpayers age 70½ or older are allowed a qualified charitable distribution (QCD), which lets you to direct your IRA trustee to make a distribution, up to $100,000, directly from your IRA to a qualified charity. This QCD fulfills the required minimum distribution for the year.
If you plan to take charitable deductions on your taxes, note the IRS requires written substantiation of your donation. For more, read this week’s Tax Tip.
If you are gifting property or stocks, your deduction depends on whether the property is ordinary income property or capital gain property.