Make Your Tax-Deductible Donation
To HLAA Today!
IRA Qualified Charitable Distribution
Program Ends December 31, 2013
Are you 70½ or older? Under the American Taxpayer Relief Act of 2012 (ATRA), you may qualify to donate any portion up to $100,000 from your individual retirement accounts directly to HLAA without having to include any of the IRA transfer as part of your taxable income. You can enjoy this special charitable tax benefit even if you do not itemize deductions!
To qualify, an IRA transfer must be made directly from the IRA to HLAA. It is very important that the distribution check from the IRA be made payable to HLAA. If the IRA distribution check is made payable to you—even if you intend to cash the check and use the proceeds to make a contribution to HLAA—then the IRA distribution is considered a normal IRA distribution and must be included in your taxable income. A qualified charitable distribution cannot be split between you (or someone else you name) and HLAA—whatever amount you designate as a qualified charitable distribution must go only to HLAA. [Read more]
Year-End Contribution of Stock Shares
While reviewing your stock portfolio at year-end, consider a charitable contribution to HLAA of shares of stock.
Which shares should you contribute for increased tax savings?
To maximize your tax savings:
- Contribute shares of stock that you have held for more than a year (long-term) and,
- Have increased in value while you have held them.
For shares of stock held long-term, the IRS allows you to take a charitable tax deduction for the fair market value of the shares on the day you make the contribution. [Read more]