Giving Tuesday is a popular time to make charitable contributions. Before contributing, do your due diligence. If you are making contributions to a tax- exempt organization, your contribution may be tax deductible. Donations made to establish or maintain a donor advised fund, to most private foundations or to charitable remainder trusts are likely not tax deductible. If you are at least 70 ½ years of age, you may be able to make a qualified charitable distribution (QCD) directly from your IRA to a qualified charitable organization. The QCD may also count toward your required minimum distribution for the year. Speak with your attorney and accountant before making charitable contributions.
-Emily Helmick Packwood, Esq.