Giving through stock is a cost-effective way to give without incurring capital gains taxes.
If you donate stock owned for more than a year that has a capital gain, you get a full charitable donation credit for the value of the stock on the date it is received by the IMF*. You avoid paying any taxes on the capital gain!
For example, if you want to donate $10,000 to the IMF and you own 10 shares of Company X stock that you bought at $35 per share and is now worth $100 per share, you could sell the stock and send cash, but you would be liable for taxes on the capital gain of $5,000. At a 25% tax rate, you would owe the IRS $1,250, leaving you with a net $8,750. By directly donating the stock, your donation is $10,000 and you do not owe taxes on the capital gain.
*Stock held for less than one year does not qualify for this tax treatment. Please consult your tax advisor for the most current IRS rules.
If you would like to donate stock, you will have to contact your bank or broker and provide them with our investment account information as follows:
Morgan Stanley Smith Barney
21250 Hawthorne Blvd., Ste. 650
Torrance, CA 90503-5517
DTC # 0015
Account # 209-001015-562
Account Name: International Myeloma Foundation
Robert Vogelsang, Vice President Investments
Tel: (310) 543-0242
Please note that notifications of stock transfers are received anonymously through our broker. To receive appropriate credit for your gift, please contact Randi Lovett at email@example.com, or call us at 800-452-2873, ext. 245.
Congress restored the IRA gift option for donors age 70½ and over, including the provision to permanently restore the law allowing donors to make charitable gifts from their IRA accounts during tax year 2015 and beyond without incurring income tax on the withdrawal. If you are age 70½ or older and are required to take minimum withdrawals and you do not need them for personal use, this may be a great way to make a gift to the IMF. While you cannot claim a charitable deduction for IRA gifts, you will not pay income tax on the amount.
Benefits--Qualified charitable distributions:
- Can total up to $100,000 in each tax year (if your spouse has a separate IRA account, you can each contribute up to $100,000 per tax year);
- Can be excluded from your gross income for federal income tax purposes on line 15a of Form 1040 (no charitable deduction is available, however);
- Can be used to satisfy your Required Minimum Distribution (RMD);
- Are not subject to the 50% deductibility ceiling or the 2% rule.
How To Qualify:
- You must be age 70 ½ or older at the time of the gift.
- Transfers must be made from a traditional or Roth IRA account by your plan provider DIRECTLY to the IMF. Funds that are withdrawn by you and then contributed do NOT qualify.
- Gifts from 401k, 403b, SEP and other retirement plans do not qualify.
- Gifts must be outright. Distributions to donor-advised funds, supporting organizations, or life-income arrangements such as charitable remainder trusts and gift annuities are precluded.
To make a gift to the IMF through your IRA, please contact your bank or broker and provide them with the following information:
International Myeloma Foundation
12650 Riverside Dr, Ste 206
North Hollywood, CA 91607
Tax Identification: 95-4296919
Any additional questions? Contact Randi Lovett at firstname.lastname@example.org or 800-452-CURE.
IMF Tax ID: 95-4296919
Donor Advised Funds
A donor-advised fund, or DAF, is a philanthropic vehicle established at a public charity. It allows donors to make a charitable contribution, receive an immediate tax benefit and then recommend grants from the fund over time. The International Myeloma Foundation is a qualified recipient of grants through all Donor Advised Fund programs, including Fidelity Charitable Gift Fund, Jewish Communal Fund, Jewish Community Foundation, Vanguard Charitable Fund, and more.
To designate the IMF as a recipient of your gift, please search for International Myeloma Foundation or use the IMF’s Tax ID to locate our organization from your fund’s web-portal.