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Craig Lundquist, MBA, ChFC®, CRPC®
VP of Wealth Management
651-773-2757
Kristin Becker
Senior Administrative Assistant
651-773-2821
Ideal Wealth Advisors
Located at Ideal Credit Union
8499 Tamarack Road
Woodbury, MN 55125
CRPC conferred by College for Financial Planning
November/December 2021
Think About Charitable Giving at Year's End
Supporting a cause or charitable organization that’s important to you may be high on your year-end to-do list. Before the ball drops and you bring out the hats and noisemakers, take time to identify charities that you want to receive your donations.
Choosing a Charity
Whether you want to support multiple organizations or causes or only one, your first step should be to visit the charity’s website. Form 990, which tax-exempt organizations are required to file annually with the IRS, offers an overview of the organization’s activities and governance and provides detailed financial information. It gives you a helpful snapshot of the charity’s mission and finances.An Unbiased View
Sites such as Charity Navigator and GuideStar can help you evaluate a charity by showing you how much of your contribution is used to fund actual programs and how much goes toward administrative costs. Low administrative costs mean more money is available for the charity’s mission. This information can be helpful when you’re deciding between charities that support similar causes.Deduct Without Itemizing
The CARES Act allows taxpayers who take the standard deduction to claim a $300 charitable donation deduction on their 2021 returns. For 2021, joint filers can deduct $600. You’ll need to prove your donations, so make them with a credit card or save your receipts if you donate cash or by check.IRA Contributions
If you’re age 70½ or older, you can donate to a charity by taking a qualified charitable distribution (QCD) of up to $100,000 from your traditional individual retirement account. You won’t pay tax on the distribution as long as it goes directly from your IRA to the charity. IRA owners who are age 72 or older can use the QCD to fulfill their RMD requirement. Typically, a QCD is not included in adjusted gross income. However, other rules may apply.Donations charged to a credit card before midnight on December 31 will qualify for the tax deduction, even though you won’t pay the bill until next year. Consult your tax and financial professionals for guidance with year-end charitable giving.
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