Ways to Give...
There are many ways to support the Morning Star Foundation - and they're all tax deductible!
Pledge of cash, payable over a five-year period. You may pay/charge annually, quarterly or on a payment schedule that best fits your circumstances. For those wishing to see that their pledge is paid in the event of death, executing a Codicil to your Will might be appropriate.
A gift of stocks or bonds. With the current tax laws, this is an extremely popular type of gift. For example, gifts of stock are deductible the same as cash and are valued at the date of the gift. The process is simple and the donor gets the advantage of both the income tax deduction as well as avoiding any capital gains on the subsequent sale of the stock by the Morning Star Foundation.
Appreciated property. You may have in your possession a home or other real estate or tangible personal property (e.g., automobiles, boats, works of art). These will be reported at the donor's appraised value at the time such gifts are made.
Life Insurance. The beneficiary or beneficiaries of your life insurance policy may either no longer be living or no longer in need. The Morning Star Foundation may be named as the beneficiary.
Direct Donations of an IRA - If you are 70 1/2 or older, you can transfer any amount tax free (up to $100,000) from your individual Retirement Account (IRA) to Morning Star Foundation, even if the amount contributed is more than your annual Required Minimum Distribution (RMD) amount.
Transfers must go directly from the IRA account to Morning Star Foundation to be tax-free. Amounts withdrawn (that you receive first, and donate) would be included in your taxable income. Consult your IRA financial advisor or tax expert for details about how to give, and about the benefits and impacts on your taxes.
- These transfers can be a benefit to those with high taxable income, whose itemized deductions (including charitable deductions) are often reduced, and who often pay additional Net Investment Income Tax on their investment earnings. Direct contributions from IRA to Morning Star Foundation would not be included in either adjusted gross income or in charitable deductions.
For others, keeping these direct contributions out of your adjusted gross income may also reduce the taxable amount of your Social Security benefits, and help you avoid increases to your Part B and Part D Medicare premiums.
A bequest in your Will. While not of immediate benefit to the capital project, the proceeds would help the future operation of the Morning Star Foundation. A gift may be handled by a codicil to your Will.
Donors are always encouraged to consult with their attorney and /or tax advisor for help with their specific needs and circumstances.