Above: Traci Fernandez (left), founder of TryAbility Neurorecovery Center and a member of U2FP's board of directors, uses her epidural stimulator to stand and transfer following a presentation by her colleague Sakina Valika PT, DPT, NCS, MSCS (right) at our Annual Symposium this past October.
As 2023 draws to a close, many of our supporters are planning their year-end charitable contributions.
I wanted to make our SCI community aware of some incentives that can help you maximize your gift. Take a look at these giving options as you consider supporting U2FP's important work.
Charitable Deduction Limits
The limit for cash donations in 2023 is 60% of your Adjusted Gross Income (AGI). Excess donations beyond this amount can be carried forward for 5 years. Personal 2023 charitable deduction limits for gifts to public charities, including donor advised funds, are 30% of AGI for contributions of non-cash asset, if the assets were held for more than 1 year.
Make a Gift from your IRA
Making a Qualified Charitable Deduction (QCD) this year allows itemizers and non-itemizers alike to direct up to $100,000 ($200,000 for a married couple) from their IRA to charities in a tax efficient manner. This will satisfy all or part of the Required Minimum Distribution (RMD) for individuals 73 or older and is not considered income to the donor.
Stock Donations
If you donate your stock directly to a charity, there's no capital gains tax to pay. Plus, you are still eligible to deduct the full fair-market value of the asset you donated from your income taxes, up to the overall amount allowed by the IRS.
Donor-Advised Funds
Consider using a donor-advised fund, making tax-deductible contributions before year-end, and deciding on grant recommendations next year.
Estate Planning
You may make a charitable donation to Unite 2 Fight Paralysis in your will, the same as any other bequest. However, charitable deductions are subtracted from the value of your gross estate before the estate tax rate is applied.
You can find more charitable giving strategies here: Tax-Saving Strategies To Amplify Your Year-End Charitable Gifts (Forbes).
Stay thrifty!
PS - You can make a year-end gift or become a monthly donor by going to www.u2fp.org/2023gift.html. Thank you!
Please note: U2FP is not in the business of providing professional legal or financial advice, and donors should consult with their own advisors to ascertain how these opportunities may complement their own personal, philanthropic and tax planning objectives.
