Giving shares of appreciated stock or mutual funds can help save taxes and it’s an option available to donors of all ages. If you are planning to rebalance your portfolio this year, or shift your investment strategy, it may be a good time to consider a donation of securities. With the help of your advisor, giving stock is quick and easy and the donation may help you avoid capital gains taxes.
Beginning in 2024, the maximum amount an individual can give via a qualified charitable distribution (QCD) from an IRA will be indexed to inflation. For 2024, the maximum QCD per individual is a total of $105,000 to all charities combined. Within this limit, donors may give up to $53,000 to establish a one-time-only charitable gift annuity. Individuals must be 70½ or older to make a QCD and the amount can count towards a required minimum distribution for donors 73 and older.
Charitable gift annuity rates, as recommended by the American Council on Gift Annuities, increased approximately 0.4% on January 1, 2024, depending upon the annuitant’s (beneficiary’s) age. Rates are established when the gift annuity is funded and remain fixed for the annuitant’s lifetime.
Contact us to learn more about these and other tax-saving philanthropic strategies.
Contact Information
Inquiries are welcome and confidential:
Jeannette Edwards
Director of Development
jeannette.edwards@pennmedicine.upenn.edu
610-431-5110
The Chester County Hospital Foundation does not offer tax or legal advice, and encourages you to consult with your own advisors regarding this information.