The year is quickly drawing to a close. If you’re looking for last-minute gifts, you can find them in the NRA Store, which has everything from holsters to hoodies to please anyone on your list. Still not finding something? An NRA membership, complete with one of our monthly magazines, is also a great last-minute gift.
But in all the hustle and bustle, remember, too, that tax season is right around the corner! Now is an ideal time to make year-end contributions supporting the Second Amendment.
By completing charitable gifts by Dec. 31, you can be eligible for additional tax savings next April, and the NRA Foundation allows you to structure gifts in ways that are most beneficial for you; for example, gifts of appreciated stocks or bonds or, perhaps, distributions from retirement plans may be your best bet. (If you want to donate appreciated stock, please contact us first. The gains are subject to taxation if you sell the stock and donate cash. The NRA Foundation is a tax-exempt charity, so a direct stock transfer allows you to make a gift without incurring capital-gains tax. We will provide transfer instructions so you can ensure your gift is eligible for tax savings.)
It can be advantageous to “bunch” or combine gifts into a single year, allowing taxpayers to alternate between taking the standard deduction and itemizing. So, another way to help is via IRA distributions. Those with an IRA have long been required to withdraw a certain amount (called the required minimum distribution) based on their age—the law requires this withdrawal regardless of need. If you have done this in the past, you know what a taxing experience this can be. But, it is now possible to make charitable gifts directly from your IRA through a qualified charitable distribution, which allows you to help the NRA Foundation in a unique way. By doing this, you will not pay additional federal income taxes, and you can satisfy all or part of your required minimum distribution withdrawal.
In the never-ending effort to preserve our freedoms, every gift helps. To make a gift now, go to nrafoundation.org/donate. And don’t hesitate to get in touch with the NRA Office of Advancement to inquire if you have any questions about making a tax-favored gift directly from your IRA. That office can be reached at 877-672-4483 or [email protected].
Most Popular
