We get many questions about unique ways to give to Wildlife SOS, so we’re starting an occasional column about ways you can maximize your donations. From giving crypto currency and stock, to making IRA or property donations, we hope Smart Giving will give you information about maximizing your tax benefits AND the impact you make helping India’s wildlife. From all of us at Wildlife SOS, thank you so much for your ongoing support!
Did you know that the USA office of Wildlife SOS is able to accept stock donations and Qualified Charitable Distributions (QCD’s) from an IRA? By donating your stock or QCD’s directly to Wildlife SOS, you can save on taxes and ensure that more of your donation is going to help the wildlife you care about.
Donations of stock that have appreciated and been held for more than one year is a smart way to give. Rather than sell stock and pay capital gains tax of up to 20%, you can donate your stock and send tax free funds to help the elephants, bears and leopards. By doing so you are avoiding capital gains tax and also getting a charitable deduction equal to the value of your contribution if you itemize.
In addition, the CAA Act (signed in Dec. 2020) extends the deduction up to 100% of the Adjusted Gross Income (AGI) limit through 2021 – so this is a great year to make that stock donation! Normally, the deduction would be limited to 60% of your AGI for those who are itemizing.
Qualified Charitable Distributions
Individuals age 70 ½ and older may make charitable contributions directly from their Individual Retirement Account (IRA) to qualified charities, of up to $100,000 per year. The amount of these charitable contributions is excluded from their taxable income. Another very smart way to give – especially if you need to meet the minimum required distribution for those 72 and over.
It’s SO Easy!
And the best part, it’s as easy as contacting your brokerage with our account details. For IRA distributions, simply contact your plan administrator and tell them you would like to make a charitable donation from your IRA. Have questions about smart giving, contact Lavanya at firstname.lastname@example.org. Also, be sure to let us know about any stock transfers or IRA distributions so we can send you a proper receipt.