Tax Changes and Your 2019 Gifts

QCD? DAF? How to make sense of the jargon and keep protecting our planet with your charitable donation!

You’ve made it through another tax season! But with the recent changes to the standard deduction and other rules, you may be concerned about continuing to make an impact on the causes you love -- like Health In Harmony and saving rainforests with a stethoscope. The good news is: there are a few options you might not know about!

Here are four options that could help you do a lot of good for the planet, in a financially savvy way.

Please reach out to me, trina [at] healthinharmony.org, with any questions you have about making a gift to Health In Harmony, but do note that you should consult a tax professional to see if the options below are right for you.

1. Qualified Charitable Contribution or IRA Charitable Rollover Gifts

If you are 70 ½, you are now required to draw from your IRA account each year. To avoid the large fine for not taking your required minimum distribution but without increasing your taxable income, you can turn those deductions into contributions to Health In Harmony. Called a Qualified Charitable Contribution (QCD), this is one of the most tax efficient ways to make a donation now that the standard deduction has doubled. Many of the large IRA custodians, such as Vanguard and Fidelity, have the forms available on their website to request your distribution be made as a charitable gift. Please contact me if you have any questions or to let me know your gift is on the way, as oftentimes IRAs will not identify the donor.

2. Donor Advised Funds

A Donor Advised Fund (DAF) is a great option for reducing your tax burden while contributing to the causes you love. You can donate a lump sum to your fund and claim the tax benefit immediately, but then allow the amount to grow through investments while you direct your charitable contributions over time. DAFs can make single, annual, or even monthly donations to Health In Harmony - completely on your own schedule.

Health In Harmony is already set up to receive contributions from the main DAF custodians such as Schwab Charitable, but please direct your fund advisor to my email if they need our information.

3. Donating appreciated securities

Without paying the capital gains tax for selling your securities, you can donate them directly to Health In Harmony’s Schwab account and receive the full tax benefit. Please contact me for our account details.

4. A Bequest or Legacy gift

More than half of Americans do not have a will in place, and if you are one of them, you will have far less control over what happens to your assets at the end of your life and the taxes that are assessed on them. You can use a completely free online option like FreeWill.com to quickly and easily set up a will that supports your loved ones and includes a bequest to Health In Harmony. Most people are able to make a much larger donation with their estate than they are able to afford during their lifetime, leaving a lasting legacy on the earth. There are several other Legacy Giving options, please read further about them here and the benefits they may have for you and your loved ones. And as always, reach out to me with any questions - I am here to make sure you know and feel good about how your donations are processed and used in this work.

No matter your means or ongoing changes to the tax code, you can have a meaningful and significant impact on the planet. There are many options to make a gift, and contributions to Health In Harmony of all sizes and through any giving vehicle will implement communities’ solutions for protecting rainforests, creating a healthier climate for us all now and in the future.

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About Trina Noonan | View all posts by Trina Noonan

Trina is the Managing Director at Health In Harmony, based in Portland, OR.