Year-End Giving 2024
There are many tax-friendly incentives to donate to charities like TWP in 2024. Some of these incentives stem from past tax laws, while others have been long-standing. We’ll review a few ways to give below:
Itemized deductions: In 2024 taxpayers can deduct up to 60% of their Adjusted Gross Income (AGI) via cash donations made to qualifying charities in the U.S., including 501(c)(3) nonprofits like TWP.
Gifts of noncash assets: Gifts like stocks and mutual funds that have appreciated in value, can save you thousands of dollars in income taxes when transferred directly. If they are not sold first, they don’t generate capital gains tax. You can also deduct up to 30% of your AGI via the donation of these shares to a qualifying 501(c)(3) nonprofit.
IRA donations: Individuals aged 70½ or older can donate up to $100,000 from their IRAs tax-free. This means if you’re subject to Required Minimum Distributions (RMD) from an IRA, you can meet your distribution requirements tax-free by making Qualified Charitable Distributions (QCD) to organizations like TWP — even if you don’t itemize.
Stock and mutual funds: TWP makes it extremely easy to transfer shares of stock and mutual funds directly from brokerage accounts at Fidelity, Vanguard, or UBS to Trees, Water & People. This is a great way to pass on the full value of your gift, without having to pay income tax on the sale of shares first.
For Fidelity:
Account Name: Trees, Water & People, Inc
Account Number: Z20407864
For Vanguard:
Name: Trees, Water & People, Inc - Brokerage
Account Number: 82350069
Don’t use Vanguard or Fidelity? You can still make direct transfers of shares using UBS Wealth Management,
with TWP account number: RC 09649 and UBS DTC number: 0221
Donor-Advised Funds (DAFs): DAFs have until December 6 to recommend grants for 2024, ensuring gifts are processed before year-end. While there are no distribution requirements for DAFs, please consider giving generously to your favorite local nonprofits that depend on your support to advance their important work.
Cryptocurrency donations: Crypto donations, like stock donations, are a non-taxable event and are eligible for deductions on your income. Give crypto here.
We always recommend you discuss your financial decisions with a tax professional or financial advisor to optimize your giving and achieve your personal philanthropic goals.
We hope this was helpful. Thank you for supporting Trees, Water & People and the work we do!
Updated: December, 2024.
