Donate

Make a bigger impact by donating long-term appreciated securities, including stock, bonds, and mutual funds, directly to Open Table. Compared with donating cash, or selling your appreciated securities and contributing the after-tax proceeds, you may be able to automatically increase your gift and your tax deduction.

Note that Open Table receives very little information about the donor when they make a direct transfer. It is helpful to notify the development team ([email protected]) when a transfer is expected. Thank you.

Consider including Open Table in your financial planning. You can help those in need while receiving tax benefits. Options include donating IRA required distributions or appreciated assets, lifetime giving, establishing Open Table as a beneficiary for trusts, insurance and other assets, and more. If you have any questions, please contact our treasurer at [email protected] or your financial advisor.

Open Table does not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisers before engaging in any transaction.

If you are 70.5 years of age or older and have an IRA please consider donating your RMD to Open Table Tax-Free before year end.

If donated as a tax-free transfer, your donation counts as your required minimum distribution, but doesn’t increase your adjusted gross income, therefore you will not pay any federal or state income taxes on the value of the donation.  This may also help you manage your income so you may pay a lower cost for Medicare Part B and perhaps minimize or avoid the Medicare High Income surcharge too! This of course depends on your unique financial situation so please review with a Certified Financial Planner, (CFP) or CPA first.

The catch is you must have the RMD be sent directly to the Open Table.  If you withdraw it first then give it to the Open Table, the donation may be itemized and can be deducted as a charitable contribution but the withdrawal will be included in your adjusted gross income. You can take one or the other tax benefit but not both.  If your IRA administrator doesn’t offer check writing and instead transfers the money directly to the Open Table per your instructions, please be sure to call us and let us know to expect it so we know it is from you!  Funds coming from Donor Advised Funds (DAF) accounts don’t qualify as a tax-free transfer either.

Highly appreciated securities may be good candidates to give to charity during your lifetime; in addition to the income tax deduction, you bypass the capital gains tax that would be owed if you cashed them in yourself.

Generally speaking, lifetime gifts to charities can result in an income tax deduction for you. But before you make a sizable gift, be sure to seek tax advice. You’re eligible for itemized deductions for charitable contributions up to a certain percentage of your adjusted gross income for cash contributions. Another limit applies for contributions of appreciated securities or property in any one year. You may be able to carry forward amounts that exceed the limit and deduct them over the next five years.

Did you know you can make Open Table a beneficiary on your Trust, Retirement accounts and Life Insurance?  Look for our Estate Planning and Charity Informational Series next year for more information or call us to learn more now.