Donor-Advised Funds, or DAFs, provide you with a flexible way to give to Animal Humane New Mexico while enjoying some favorable tax benefits.
DAFs, allow you to place money into a charitable investment account (creating an immediate tax deduction) from which you may make donations to nonprofits over time.
DAFs have not been changed or affected by the CARES Act.
How to Make a Gift from Your Donor-Advised Fund
If your DAF is with Schwab Charitable or Fidelity Charitable, you may access your account and make a gift through DAFDirect.
Thanks to the CARES Act, people over 70.5 are not required to make a withdrawal from their traditional IRA or Roth IRA this year. However, you can still make a Qualified Charitable Distribution (QCD), also known as an IRA Charitable Rollover, directly from you IRA and reap several advantages.
A gift transfer directly from your IRA to Animal Humane New Mexico bypasses your gross income, possibly keeping you in a lower tax bracket.
It increases your potential 2020 charitable deduction without the need to itemize.
Up to $100,000 in IRA funds may be counted as QCDs annually, or $200,000 for married couples.
By having your distribution transferred directly to Animal Humane, you help homeless cats and dogs right here in New Mexico.
Consider naming Animal Humane New Mexico as the beneficiary of your IRA.
Don’t wait until December. Talk with our accountant or financial advisor now to confirm your options.