A gift of stock is a simple, tax-smart way to support United Way of Pickens County. By donating appreciated stock, you may receive a charitable deduction for the full value of the stock while avoiding capital gains taxes—allowing your gift to go further. Most stock gifts are made by transferring shares directly from your brokerage account to United Way’s account. If you hold physical stock certificates, they can be mailed to our office. Gifts of more than $200 will receive a receipt. For transfer details, download the stock transfer form or contact us using the form below for assistance.
MAKE A QUALIFIED CHARITABLE DISTRIBUTION FROM YOUR IRA
If you are age 70.5 or older, you can support United Way with a gift from your Individual Retirement Accounty (IRA) through a Qualified Charitable Distribution.
A Qualified Charitable Distribution is a transfer of funds from your IRA payable directly to a charity. Amounts distributed can be counted toward satisfying your annual Required Minimum Distribution. The Qualified Charitable Distribution is excluded from your taxable income. This isn’t the case with a regular withdrawal from your IRA, even if you use that money to make a charitable donation later.
Here are four ways that a Required Minimum Distribution can increase your taxes:
1. A Required Minimum Distribution can push you into a higher tax bracket. Since distributions are ordinary taxable income, it can push some retirees into a higher marginal tax bracket.
2. Medicare surtax. Required Minimum Distributions also increase the taxpayer's modified adjusted gross income, which could trigger the 3.8% Medicare surtax.
3. Taxing Social Security. Even modest withdrawals from a retirement account can cause Social Security benefits to become taxable for federal income tax, up to 85% for single filers with income above $34,000 annually or married couples with income above $44,000.
4. Medicare Part B & D Premiums are calculated using a taxpayer's modified adjusted gross income from the prior year. So large Required Minimum Distributions can cause sharp increases to your Medicare costs, with the wealthiest taxpayers paying up to 80% of the cost.
Be sure to contact your local accountant or attorney to discuss your specific situation before making a donation.
CONTACT US
Have questions or want to move forward with your gift? Please complete the form below to be put in touch with a member of the United Way team: