Strategies to Maximize Your Year-End Donations*
Make your gift to UJA-Federation by Sunday, December 31, 2023. Your donation might help reduce your taxes and will make an impact on countless lives.
Make a Gift of Cash
You could lower your 2023 income taxes simply by making a gift to UJA — online by credit card by the end of the year, or by your check mailed and postmarked no later than December 31, 2023 to the following address: UJA-Federation of New York, P.O. Box 4227, New York, NY 10261-4227.
For those of you who have substantial cash assets that you intend to provide to charity, you don’t want to miss this opportunity to donate to UJA. Currently, if you itemize deductions for 2023, gifts of cash to a public charity like UJA may be fully deductible for federal tax purposes up to a maximum of 60% of your adjusted gross income (AGI).
Transfer Appreciated Securities
Given the recent rise in the stock market, many people hold stocks with capital gains. Your tax advisor may suggest donating appreciated securities to UJA. This may help to avoid capital gains taxes. Alternatively, if you do own stock that has lost value below your cost basis, you might consider selling those shares to obtain a capital loss and then donating the cash from the sale.
- Name UJA-Federation of New York as a Beneficiary in Your Will
It can be easy to include UJA in your estate plan. UJA-Federation of New York can be named as a beneficiary in a will or trust, often by codicil, without the need to redraft your documents. These are the most common legacy gifts made to UJA, and this does not affect your assets in your lifetime.
- Designate UJA as a Beneficiary
You can choose to make UJA a beneficiary of your IRA, bank account, brokerage account, insurance policy, or other financial account. These options are easy and free. Simply obtain a beneficiary form and designate UJA-Federation of New York as a beneficiary on your account. Retirement assets are among the most heavily taxed inherited funds, and you could benefit by making a charitable gift from these accounts.
- Create a CGA
Support UJA and receive income for yourself or a loved one by creating a Charitable Gift Annuity (CGA). A CGA can provide a steady income stream, tax savings, and the satisfaction of providing for UJA with vital long-term resources.
We are here to help
If you have a question, please let us know.
Thank you as always for your generosity!
*The foregoing is for informational purposes only and is not intended to serve as tax or legal advice. Some information may not be relevant for all individuals. PLEASE CONSULT YOUR PERSONAL ADVISOR for specific information and guidance concerning your individual legal, tax, and financial situation.