Charitable Gift Reminders

If you plan to deduct any of your charitable donations on your 2016 tax return, hopefully you kept good records throughout the year and any receipts (whenever possible) from charitable organizations. Below are just a few basic reminders about charitable gifts:

QCDs. The Qualified Charitable Distribution option, the IRS permits individual IRA owners over the age of 70½ to exclude from gross income up to $100,000 that is paid directly from their individual retirement accounts (excluding SEP or SIMPLE IRAs) to a qualified charity.

Did you donate to a qualified charity? The charity must be an eligible charity for your gift to be tax-deductible. Churches, temples, synagogues, mosques and government agencies are always eligible.

Gifts are deductible for the year in which it was made. As long as your check was mailed in 2016, it will count as a 2016 donation. Many people also use credit cards to make a charitable donation. As long as it was charged in 2016, it will count for 2016 (even if you still have an outstanding credit card balance for the donated amount in 2017).

Keep Good Records. Keep track of and save detailed receipts for all donations of property, including clothes, appliances or other tangible items. If a donation is left at a charity’s unattended drop site, you must keep a written record including the name, date, fair market value (FMV) and method of FMV calculation used.

Did you donate property valued in excess of $250? Additional rules apply for a contribution of $250 or more.


More Updates


For trusts that inherited an IRA in 2019, an important deadline is approaching. The due date to provide required trust documentation to the IRA custodian to ensure that the longest payout period possible is available for the inherited IRA is October 31, 2020. Generally, only individuals who are named on an IRA beneficiary form can

Read More »


The coronavirus-related distribution (CRD) rules for Roth conversions have a gaping hole. An “affected person” (as we have defined in previous blogs), is entitled under the CARES Act to withdraw up to $100,000 from their IRA or workplace retirement plan. A CRD avoids the 10% early distribution penalty for those under 59 1/2, can be

Read More »

Rolling Over an RMD

Like most people’s lives, the retirement world is upside down. This is made evident by a single statement: “Required minimum distributions (RMDs) can be rolled over.” Yes, that is the new normal—at least for this year. RMDs are considered the first money out of an IRA and workplace plan. Typically, these dollars are ineligible to

Read More »
Scroll to Top