Help Fordham Prep & Also Reduce Your Income Taxes
We appreciate the commitment and generosity of Prep supporters who are also asked to contribute to many other important philanthropic projects and social initiatives throughout the year. If you are considering a gift to the Prep this year, we hope you'll also take advantage of the opportunities to reduce your income taxes as well.
Make a gift that doesn’t affect your liquidity or cash flow. Giving appreciated securities, held for at least one year, can be more beneficial than giving cash. The “cost” of your gift is often less than the deduction you gain since the IRS allows you to make your transfer to Fordham Prep without incurring capital gains on the appreciation. And, since the capital gains tax in high tax states can exceed 30% this lets you leverage a larger donation than you could make with cash AND receive a larger tax benefit. Securities may be transferred from your brokerage account directly to the Fordham Prep Account at TD Ameritrade, Inc.
IRA Charitable Rollovers
If you are 70.5 years or older, consider a gift directly from your IRA. The IRA Charitable Rollover allows direct transfers from your IRA to Fordham Prep without reporting the distribution as adjusted gross income on your tax return. Plus, the rollover counts toward your IRA’s Required Minimum Distribution for the 2019 tax year. For instance, if you are a retiree in the 25% tax bracket, an IRA charitable contribution of $5,000 could reduce your income tax bill by $1,250. A $1,000 donation would save you $250 in taxes. For more information on the IRA Charitable Rollover, see our FAQ here.
For any additional questions about making a gift to Fordham Prep, please contact Ann Marie Denning at firstname.lastname@example.org, or 718-367-7500 ext 251
DONATE TO THE PREP
To learn more about legacy giving and other ways to support Fordham Prep, please visit preplegacy.org
Neither Fordham Prep nor its employees and related parties provide tax or legal advice. You should consult with your accountant or tax professional regarding the legal or tax implications of a particular suggestion or strategy before you implement.