April is tax season; that means reviewing your 2023 charitable support and planning for the current year. If you itemize your tax deductions and need copies of 2023 donation acknowledgment letters, contact the EEH Development Office at 631.288.7080.
New laws enacted in 2023 include retirement changes that may affect savings and charitable giving.
The laws, referred to as “Secure 2.0,” increase the required minimum distribution (RMD) age and adjust the annual limit on qualified distributions.
In 2023, the age at which retirees must begin taking taxable withdrawals from individual retirement accounts rises to 73, up from the previous 72. This gives individuals more time to save. It does not, however, affect the age at which an IRA owner can begin making qualified charitable distributions. This remains at 70 ½. A qualified charitable distribution is a gift from your retirement account to East End Hospice or another qualified charity. The gift amount is not reported as part of your taxable income nor tax deductible, making it a great way to reduce tax exposure and support EEH, especially if you do not itemize deductions.
The annual limit on qualified charitable distributions will increase in 2024. Currently, donors aged 70 ½ and above can give up to $100,000 directly from their IRA to a qualified charity and avoid paying income taxes on the distribution. Secure 2.0 adjusts the limit annually for inflation beginning in 2024, making it possible for your support to keep pace with economic shifts.
One thing that remains unchanged is the vital work your gift supports at EEH. Whether you use retirement funds to support EEH now or in the future by naming East End Hospice beneficiary of your plan, thank you! Your gift helps EEH reach over 800 patients, their caregivers, families and friends annually, and also reduces tax liability for you and your heirs.
Updating your retirement beneficiaries is easy. Contact your administrator to request a change of beneficiary form, and consider listing East End Hospice, Inc. EIN 11-2878502. Thank you!
To learn more about ways to support East End Hospice, contact Emily K. Madsen, at 631.288.7080 or emadsen@eeh.org.
