Happy New Year! When you include Bridgeport Hospital Foundation in your charitable giving plan, you tell a story about what matters to you. Your action will impact the lives of others today and for generations to follow and build a healthier community. Your philanthropic generosity to Bridgeport Hospital Foundation has made a difference Click here for some examples of your impact.
There are still tax-advantaged ways to make charitable gifts.
IRA Charitable Rollover: If you are age 70 ½ or older you can make a direct transfer of up to $100,000 from a traditional IRA or Roth IRA to Bridgeport Hospital Foundation. This “rollover” counts toward your required minimum distribution and is not included as income. You also avoid all income tax on the withdrawal, even if you don’t itemize your deductions.
Please check with your financial consultant to make sure you strictly follow the rules to make a charitable distribution from your IRA.
Making a larger gift to charity to increase itemized deductions: If you live in a high-tax state like Connecticut, you may find your total deductions put you close to the threshold where itemizing deductions offers greater tax benefits than taking the standard deduction. If State income taxes plus property taxes total more than the $12,000 exemption (single) or $24,000 exemption (married) you could use additional charitable gifts to offset the $10,000 cap on property taxes. You might consider making larger charitable gifts to increase itemized deductions so that you can enjoy the additional tax savings that itemizing would offer.
Gifts of appreciated assets, such as publicly-traded securities: Donors making gifts of any size may avoid capital gains tax on contributions of appreciated assets.
We depend on charitable giving from friends like you to fulfill our healthcare mission. As always, should you have any questions regarding gift planning or wish to discuss your philanthropic goals with us, please email email@example.com or call Lyla Steenbergen at the Foundation at (203) 384-3522.