Making Year End Donations To Charity with Meals on Wheels
Many find that the end of the year is an opportune time to show gratitude by making donations to charity. Whether it’s due to the spirit of the approaching holidays, the tax incentives as we approach the end of the year, or a healthy mix of both, you should consider making your donation to Metro Meals on Wheels.
By donating to Metro Meals on Wheels, you are ensuring that seniors in the Minneapolis/St. Paul area get the nutrition they need to live independently. Each meal costs about $6 and it is through donations from people like you that we are able to bring healthy food and social interaction to local seniors.
How to Make Your Year End Contributions
There are several ways to donate to Metro Meals on Wheels including:
- One Time Donation: A instant onetime donation of an amount of your choosing.
- Sustaining Donations (Monthly): A monthly donation made in the amount of your choosing.
- Legacy Giving: Within your will or estate set up a bequest for a nonprofit or a beneficiary donation.
- Workplace Matching Donations: Many employers provide matching gifts so be sure to check with yours to see if they’ll match your contribution.
- Donate Stock: You can donate your appreciated stock to our brokerage account.
- Donate by Mail or Phone: Donations by mail are by check and donations by phone are either by credit card or Electronic Funds Transfer (EFT).
IRS Qualified Charitable Distributions
IRS Qualified Charitable Distributions (QCD) are distributions made from an Individual Retirement Account (IRA) or your 401(k) directly into an eligible charity. Owners of an IRA or 401(k) who are at least 70 ½ can contribute some to all of their IRA to charity. This can be a huge tax advantage if you are trying to stay within a certain income range. If you are over 70, you’ll still be forced to take Required Minimum Distributions (RMD) from your IRA or your 401(k). If you ignore your RMDs you’ll take a 50% excise tax. The IRS acknowledges qualified charitable distributions from your IRA or 401(k) as a tax deduction, so you can stay at your income range and not lose out on any money.
To accomplish this, consider donating your RMD to charity like Metro Meals on Wheels where you can set up an IRS qualified charitable distribution. We are a 501(c)3 tax-exempt organization, which means your whole donation is tax deductible. This helps to keep your gross annual income and taxable income within your desired range while also providing local seniors with healthy meals!
Donor Advised Fund for Tax Deduction
Donor Advised Fund (DAF) is a charitable investment account that allows donors to make a charitable contribution, receive an immediate tax deduction and then recommend grants from the fund over time. Donors can contribute to the fund as frequently as they like, then recommend grants to their charity whenever makes sense to them.
Assets other than cash that are generally accepted in these charitable investment accounts include:
- Cash equivalents
- Publicly traded securities
- Certain restricted, controlled, or lock-up stock
- Mutual fund shares
- Bit-coin and other crypto-currencies
- Private equity and hedge fund interests
- Real estate
Metro Meals on Wheels is equipped to receive donations from these donor advised fund tax deductions. To inquire about how to set up on your fund contact us today!
Make Your Year End Donation Now!
With the end of the year around the corner, it’s still not too late to make a charitable donation. Consider us at Metro Meals on Wheels, where from donations like yours, we have been able to provide nourishment and help to local seniors for over the last 40 years. We offer a wide variety of ways for you to easily make your charitable contribution. If you have any questions, check our FAQs page or contact us directly and we would be more than happy to assist you.