Required Minimum Distributions
If you are 70 ½ or older, you must take money from you IRA each year—a required minimum distribution (RMD). money is taxed as ordinary income. But, you may also transfer funds directly from an IRA to a qualified charity tax-free each year. The money counts as the RMD but is not included as adjusted gross income—thus, the “tax break”. The professional advice to us was sound, and allowed us to arrange our charitable giving from the IRA while we saved on taxes.
Donor Advised Funds
A donor-advised fund (DAF) is a charitable giving vehicle administered by a qualified public charity. Donors establish a DAF by making an irrevocable, tax-deductible contribution to the donor-advised fund sponsor for subsequent disbursement to other qualifying charities.
Donor-advised funds offer the maximum charitable tax benefit and the lowest startup/operating costs of all charitable giving vehicles.
The ASTS and the Foundation are partnered with J.P. Morgan and they have shared several documents to help educate our members. To learn more about the J.P. Morgan Charitable Giving Fund click here.
To learn more about how you can establish a DAF, talk with your financial advisor to learn more about how you can take advantage of this charitable tax benefit.
Non Cash Contributions
The Foundation recognizes increased diversity among charitable contributions, which includes gifts provided in forms other than cash that still fit to advance the Foundation’s mission and Society activities. The Foundation has developed a policy in order to accept non-cash contributions and provide guidance on how they are processed.
ASTS will only accept charitable, non-cash contributions that are relevant and consistent with the mission of both the ASTS and its Foundation. Gifts must also be legal, have a determinable U.S. market value and be easily converted into U.S. dollars. Forms of acceptable gifts include, but are not limited to, marketable securities, tangible personal properties, intellectual properties and life insurance. Donors should contact the ASTS and its Foundation directly to discuss the potential contribution, its value and why they wish to give this type of gift.
The ASTS Foundation is exempt from federal income taxes under Section 501(c)(3) of the Internal Revenue Code with tax ID 32-0020119, therefore your gift is tax-deductible to the full extent provided by law. You should consult your financial planner or tax adviser to determine the exact tax advantages of any gift you are considering.