End of Year Tax Information 2022

Season’s Greetings from the Office of Planned Giving. With the end of the calendar year fast approaching, we wanted to highlight some ways you can support Bellarmine and achieve your philanthropic goals while also getting some tax benefits.

While the charitable benefits of the CARES Act are no longer available, here are a few ways to augment your charitable giving and help us:

  • Make a Cash Contribution

    If you itemize your deductions, you can deduct up to 60% of your adjusted gross income (AGI) for any cash donations you make to a qualified charity such as Bellarmine.

  • Bunch Charitable Contributions

    If you usually take the standard deduction on your tax return but still regularly make charitable donations, you might consider bunching two or more years of contributions into one year to take advantage of itemizing all your eligible deductions for that year.

  • Donate Appreciated Assets

    If you itemize deductions and donate an asset held for longer than one year to a qualified public charity, you may be able to deduct the fair market value of the asset without paying capital gains on a sale, subject to a 30% AGI limitation.

  • Qualified Charitable Distribution (QCD)

    If you are age 70 ½ or older and you have an IRA from which you must take a Required Minimum Distribution (RMD), you can reduce your AGI by donating up to $100,000 to an eligible charity. Those monies provided directly from your IRA custodian to a charity will not be included in your taxable income for the year thereby decreasing your income tax liability.

As always, please check with your tax advisor to make sure a particular giving strategy works best for you. Thanks for helping Bellarmine form young men of competence, conscience, and compassion. Go Bells!