Giving > Tax Information for 2018

Tax Information for 2018

We hope you will support fordham prep with your gift
did you know there could be significant tax advantages to doing so?

Stocks are at an all-time high—and significant changes could be made to the tax code in 2019. Giving to Fordham Prep in 2018 could have major tax benefits.

  • Consider making gifts by December 31 you were planning to make in 2019 or beyond. Tax legislation may pass that lowers your marginal tax bracket and/or limits the value of charitable deductions. This means the tax savings realized from a gift to Fordham Prep in 2018 could be greater than those resulting from a gift made next year.
  • Appreciated securities or other property you have held 12 months or longer can incur combined Federal and State capital gains taxes greater than 30%. Gifting those securities or property to Fordham Prep in 2018 avoids the capital gains tax and still allows you to claim the full value of the gift as a charitable deduction. Stock gifts can be transferred from your brokerage directly to the Fordham Prep investment account. Click here for instructions on how to transfer securities. Remember to inform Fordham Prep whenever you initiate a securities transfer.
  • If you are 70.5 years or older, make a gift directly from your IRA. The IRA Charitable Rollover permits you to make a direct transfer from your IRA to Fordham Prep (a Qualified Charitable Distribution) without reporting the distribution as adjusted gross income (AGI) on your tax return. Excluding the IRA withdrawal from your AGI helps you avoid higher taxes on Social Security benefits, higher Medicare premiums, higher tax brackets and surtaxes on investment income. The rollover counts toward your IRA's Required Minimum Distribution for the 2018 tax year. Your IRA Custodian will have a special form permitting you to make this transfer. Click here for more information on making a gift from your IRA.

Neither Fordham Prep nor its employees and related parties provide tax or legal advice. You should consult with your legal counsel and/or your accountant or tax professional regarding the legal or tax implications of a particular suggestion or strategy including any estate planning strategies, before you implement. In addition, the information is current as of the date indicated and is subject to change without notice.

Contact the Engagement, Development, and Communications Office at 718-367-7500, ext. 251 or at engagement@fordhamprep.org if we might be of assistance.

To make a gift today, use our secure online giving form.

powered by finalsite