Donor-Advised Funds: How to Turn Charitable Giving into a Huge Tax Deduction
Вставка
- Опубліковано 12 лип 2024
- How can you take advantage of the tax deductions of charitable contributions? Learn how to maximize the effectiveness of your gifts and the deductions you're able to take for kindly making them.
Learn the tips & strategies to create your secure retirement.
⏰ TIMESTAMPS
00:00 - Introduction
1:00 - Standard Deduction
2:42 - Tax Example
4:24 - Maximizing Your Deduction
6:20 - Taking Advantage In One Single Year
8:42 - Itemized or Standard Deduction?
11:42 - Gifting Appreciated Stock
14:59 - Growing Your Giving Funds
16:45 - Increase Income & Offsetting Taxable Income
Free Retirement Checklist Here: rootfinancialpartners.lpages....
SUBSCRIBE HERE: / @rootfp
_ _
For more resources and content, check us out below!
Website // rootfinancialpartners.com/
Podcast // readyforretirement.co/
Instagram // / rootfinancialpartners
Facebook // / rootfinancialpartners
LinkedIn // / 18347030
Other videos we think you'll like:
Why I Started Root Financial Partners // • Why I Started the Read...
How Would You Feel If You Knew You Could Retire Today? // • Why I Started the Read...
What Makes Our Approach Different? // • Why I Started the Read...
This is the best explanation of the pros and cons of a DAF. Thanks.
Just put $25000 into a DAF every other year. That makes all those other items tax deductable in those years. Then take standard deduction on off years and draw from DAF for donations.
Thank You 💚💚💚💚🦅🦅🦅🦅
This is a great idea that my financial advisor never explained. Thanks James.
FINALLY A VIDEO THAT EXPLAINS IT ALL!
Very helpful video! Thank you for explaining things so clearly!
Another option to consider if one donates to a charity but at a lower dollar amount than the examples shown, is to use a traditional IRA for the source. Instead of using money that has already been taxed from a brokerage account, do a direct IRA to charity donation with money that has not been taxed and won’t be taxed as a distribution or Roth conversion. No, you can’t use it as deduction but no taxes are paid on this, “distribution.” Another way to look at it is you can donate to a charity of your choice using pretax money.
Thank you for the insight!
@@RootFP I think 👆this would also make a good video.
That’s the answer I was looking for thank you
My understanding is that unless your are over age 70 any donation from an IRA will still be taxed as a distribution, correct?
@@JordonRichardyeah, I don't think you can do this until you are 70 1/2.
Very well explained! Great job!
Glad you liked it!
Great presentation. Thank you
Thanks for watching!
Great video, thanks for sharing!
You are most welcome!
Great video! Very helpful.
If one spouse has high earnings the other spouse has an inherited IRA , the earned income can be used for DAF while substituting earned income for living expenses with the inherited IRA forced income . Than use alternate years with itemizing one year and standard deduction next few years
Ages 63 and 64 here and still itemizing each year. That's fairly unusual, if I understand things correctly. Expect to still be itemizing for several more years yet.
How does one open a donor advised fund? Do we just call our Schwab broker?
Does a Donor Advissed fund make much sense after you reach 701/2 and can make QCDs from your IRA? Then you can still take the standard deductin and donate from your IRA avoiding tax on that distribution going yo charity.
It could still make sense if you have appreciated stock to donate or if you want to give more than the QCD limits. But for many people a QCD accomplishes what they need.
Is there a IRA to ROTH Conversion Offset for the amount you put into the DAF?
Unless I'm not understanding something... one scenario that seems to be missed here (for someone who tithes every year for example), is to open one of these funds in the year one sells a house (i.e. downsized) in which there was a large capital gain that exceeds the exclusion. Couldn't one then offset a lot of that by putting 50% of the cash windfall into a donor-advised fund? Thanks!
👍🏻👏👏👏🥰🥰💰💰💰
Please use a better example
Who has a $100k to start
Many give $12000 a year to a church
How do you start this process when you don’t itemize
I'm leaving my Traditional IRA to charity.