While gathering your paperwork for your tax return, did you find yourself wondering whether you missed any opportunities to save?
Now is a great time to consider giving options that allow you to make a major difference at Innovia Foundation while also enjoying tax benefits that will show up on next year’s return.
Use Appreciated Securities
By donating stock that you have owned for longer than one year, you receive the same income tax savings as you would by making a gift of cash. You also eliminate any tax on the appreciation.
Contribute to Your Donor Advised Fund (DAF)
Add funds to an existing DAF or open a new one by a written agreement at a community foundation or sponsoring organization. You qualify for a tax deduction when you make a gift to a DAF, without immediately having to choose the organizations you want to support. If you are ready to start making an impact with your DAF, consider recommending a grant (or recurring grants) to support Innovia Foundation.
Make a Gift From Your IRA
If you are 70½ or older, you can give any amount up to $105,000 from your IRA directly to Innovia Foundation. You will not pay income taxes on the transfer. If you are required to take minimum distributions, you can use your gift to satisfy all or part of your obligation.
We’re Happy to Help
As you consider the smartest ways to leave a legacy, we are happy to help ensure that you realize the greatest benefit for your kindness. Please contact Innovia’s Gift Planning Team at 509-624-2606 or giftplanning@innovia.org.
Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. If you do not currently have a professional advisor, please contact our office for a list of current professional advisors. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results. California residents: Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. Oklahoma residents: A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. South Dakota residents: Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.
