Tax-wise year-end giving opportunities at Tufts
As the year draws to a close, you may be considering making gifts to your favorite charities. Here are several tax-savvy ways to support Tufts in 2013.
Gifts of Appreciated Securities
With the stock market hitting record highs this year, you may have appreciated securities that would provide important support for Tufts and valuable tax savings for you.
- Current Support: By giving appreciated stock that you have held for more than one year, you will be eligible to receive a charitable income tax deduction for the full market value, and you can also avoid capital gains tax.
Your gift of stock could support the Tufts Fund, the Financial Aid Initiative, or another area at Tufts that is meaningful to you.
Learn how to make a gift of securities.
- Planned Gift: Appreciated securities also make great funding assets for planned gifts, including Charitable Gift Annuities and Charitable Remainder Trusts. These gifts offer an income stream to you or your loved ones, an immediate charitable income tax deduction, the opportunity to save on capital gains tax, and may offer other important tax benefits, such as tax-free income and estate tax savings.
Learn how to make a planned gift.
Charitable IRA RolloverExpires on 12/31/2013
If you are 70 ½ or older and must take a minimum required distribution from your IRA in 2013, the IRA Charitable Rollover Gift may be a solution to your tax woes. Those who qualify can make a gift directly from their IRA accounts without incurring income tax. Due to the new limitations on itemized deductions for high-income earners in 2013, IRA rollovers may be particularly appealing, as these gifts are not categorized as itemized deductions and they reduce your adjusted gross income.
How can you make a Charitable IRA Rollover Gift?
- Contact your IRA custodian and instruct them to make a Charitable IRA Rollover gift to Tufts and make the check out to "Trustees of Tufts College." Your IRA custodian may require Tufts’ tax ID number, which is 04-2103634.
- Have your IRA custodian send your gift to:
Tufts University Gift Planning Office
80 George Street, 3rd Floor
Medford, MA 02155
- When you speak with your IRA custodian, please ensure that they will include information on the check that identifies you as the donor.
And remember, unless Congress passes new legislation, this provision is set to expire on December 31, so please act quickly to take advantage of this opportunity!
Please note that as employees of the university, we are prohibited from giving legal or financial advice, and nothing we have provided should be interpreted as such. We encourage you to consult with your own advisor before deciding whether to establish a gift for Tufts.