If you are 70.5 or older, you can satisfy your Required Minimum Distribution by making a Qualified Charitable Distribution directly to Big Brothers Big Sisters of Southwestern Illinois and lower your federal tax bill. Your lower Adjusted Gross Income may reduce your Medicare premiums and cause less of your Social Security benefits to be taxable. Consult your financial advisor to determine your eligibility.
STOCKS & SECURITIES
You invest. A child profits. It’s that simple. By making a donation in the form of stocks, bonds, mutual funds or other appreciated securities, you are making an investment in the future of children in our community. As a donor, you are entitled to take a charitable deduction for the full fair-market value of appreciated securities held longer than one year.
Donor Advised Funds
A Donor Advised Fund (DAF) is a centralized vehicle for charitable giving that makes it easy for donors to dedicate funds to support their favorite nonprofit organization. It also provides an operationally convenient and tax-efficient method for donors to manage their charitable giving.
The Federal Coronavirus Relief Bill grants taxpayers an above-the-line deduction for up to $300 in charitable donations starting in 2020 without itemizing your tax return.