Smart Ways to Give Before 2024 Ends
Would it surprise you to hear that you can finish this year with a gift that maximizes your charitable impact and saves you money? Discover how with the smart options below.
Make an Immediate Difference
When you support our mission by simply writing a check, you make great things happen and may receive a federal income tax charitable deduction. If you itemize, you can write off the amount you are donating, resulting in lower taxable income. Unsure of whether your gift is tax-deductible? Contact your financial advisor or tax consultant.
Your deadline: Your envelope must be postmarked by the U.S. Postal Service on or before Dec. 31 for your donation to qualify this year.
Use Appreciated Securities
By donating appreciated securities that you have owned for longer than one year, you receive the same income tax savings as you would by making a gift of cash. You also eliminate any tax on the appreciation.
Your deadline: If the securities are electronically transferred to us, the gift date is the day the securities enter our account — not the date you ask your broker to make the transfer.
Secure Higher Gift Annuity Rates
Payout rates for charitable gift annuities are currently the highest they have been in 16 years — but that could change. Why not take advantage of the higher rates by creating a gift annuity before 2024 ends?
Your deadline: It is best to not wait until the end of the year to set up your gift annuity. Contact us today so we have time to assist you in completing it in 2024.
Contribute to Your Donor-Advised Fund (DAF)
Add funds to an existing DAF or open a new one by a written agreement at a community foundation or sponsoring organization.
Your deadline: You qualify for an income tax deduction when you make a gift to a DAF, without immediately having to choose the organizations you want to support. If you are ready to start making an impact with your DAF, consider recommending a grant — or recurring grants — to support Houston Methodist. (Note: You only qualify for a tax deduction when you contribute to your fund, not when you recommend a grant — though with the latter, you get to see your gift help a cause you care about.)
Make a Gift From Your IRA
If you are 70½ or older, you can give any amount up to $105,000 from your IRA directly to Houston Methodist. (Note: This amount will be higher in subsequent years to adjust for inflation.) You will not pay income taxes on the transfer. If you are required to take minimum distributions, you can use your gift to satisfy all or part of your obligation.
Your deadline: Your IRA administrator must remove the funds from your account by Dec. 31 for your donation to qualify this year. If you have check-writing features on your IRA, your check must clear your account by Dec. 31 to count toward your required minimum distribution for the calendar year.
You Can End 2024 on a High Note
As we approach the end of the year, we are happy to help ensure that you realize the greatest benefit for your kindness. Please contact Shulmith “Shu” Muthyala at 713.254.9011 or ssmuthyala@houstonmethodist.org to get started today!