PLANNED GIVING
Special Tax Incentives for Giving
Federal economic stimulus legislation may affect your giving
ongress has provided several economic incentives to help address the far-reaching effects of the COVID-19 pandemic , including additional tax incentives to encourage charitable giving . We would like to bring to your attention temporary tax rules for charitable giving enacted by Congress late last year as a part of the Consolidated Appropriations Act of 2021 . Note that these incentives are temporary and are scheduled to expire at the end of 2021 .
For the 2021 tax year , you may deduct gifts of cash to most public charities , including Baylor Scott & White All Saints Health Foundation , to offset as much as 100 % of your income ! Ordinarily , the income tax charitable deduction for cash gifts is limited to 60 % of your income . This 100 % limit allows especially generous donors to reduce their federal income tax to zero . If you are even more generous , you can carry forward unused cash contribution deductions for up to five years .
Because federal income tax rates are progressive , it may not be to your advantage to deduct 100 % of your cash contributions . Check with your financial or other advisors to determine whether the 100 % deduction makes sense for your specific circumstances .
If you do not itemize your deductions , you can reduce your taxable income by up to $ 300 ( or $ 600 for married couples filing jointly ) for contributions of cash to public charities .
Qualified charitable distributions are still a great way to make contributions if you are 70½ or older . A qualified charitable distribution (“ QCD ” or “ IRA charitable rollover ”) allows you to make a tax-free gift of up to $ 100,000 to Baylor Scott & White All Saints Health Foundation from your IRA . A qualified charitable distribution is a great way to make taxadvantageous contributions , especially if you don ’ t itemize your deductions . [ Note : The CARES Act suspension of the required minimum distribution from most retirement plans for 2020 does not appear to have been extended into 2021 .]
You have important priorities for your family and loved ones , and we know that their health and financial well-being comes first . When you are ready , we will be here to help you shape a charitable gift plan that suits your needs and allows you to keep helping with our important work .
Please contact Geraldine Williams at Geraldine . Williams @ BSWHealth . org or call 817.922.7711 to learn about the many ways you can support Baylor Scott & White All Saints Health Foundation . twice the
Two matching challenge grants allow you to double your impact
Baylor Scott & White All Saints Health Foundation is fortunate to be the recipient of two matching challenge grants . The first is a $ 150,000 commitment from an anonymous donor at the North Texas Community Foundation to support the new Graduate Medical Education program . The second is a $ 125,000 commitment from the Deena Jo Heide Diesslin Foundation to support the hospital ’ s area of greatest need . If you ’ d like to double your impact , consider making a tax-deductible gift to Baylor Scott & White Health All Saints Health Foundation today !
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THE COMPASS / BAYLOR SCOTT & WHITE FOUNDATION NEWS / SPRING 2021