Maximize Your Tax Benefits

QCD/IRA:

Give Conveniently Through your IRA

If you are 70½ or older and have an IRA, one of the best ways to support Bay Area Legal Services is through a tax-free gift from your IRA called a Qualified Charitable Distribution (QCD). Contact your IRA custodian to maximize your charitable impact.

Donors can transfer up to $100,000 per year, per person, to charitable organizations from their IRA without the withdrawal being treated as taxable income. The withdrawal can be counted toward your Required Minimum Distribution. This may help lower your Medicare premiums and decrease the amount of Social Security that is subject to tax.

For Individuals 59½ Years or Older

If you’re at least 59½ years old, you can take a distribution and then make a gift from your IRA without penalty. If you itemize your deductions, you can take a charitable deduction for the amount of your gift.

At Any Age

No matter your age, you can designate Bay Area Legal Services as the beneficiary of all or a percentage of your IRA and it will pass to us tax-free after your lifetime. To do so, contact your IRA custodian for a change-of-beneficiary form or download a form from your provider’s website. Then, notify our Development Office to be listed as a member of our Legacy for Justice Society of planned gift donors.

Donor-Advised Funds:

A Donor-Advised Fund (DAF) is a simple, flexible way to support causes you care about. If you already have a DAF, recommend a grant to Bay Area Legal Services and help provide access to justice for people in our community.

Don’t have a DAF?  

You can easily establish one through a charitable foundation such as The Community Foundation of Tampa Bay, or a financial institution of your choice. Donors contribute cash or assets to the fund, receive an eligible charitable tax deduction, and then recommend grants to nonprofits like ours over time.

DAFs offer tax flexibility, allowing you to make a significant tax-deductible gift in one year while spreading your charitable giving over time.

DAFs give you flexibility in how and when you give. You can make a charitable contribution to your DAF in one year and recommend grants to organizations you care about over time, making it easier to plan your charitable giving while supporting causes that matter to you.

Gifts of Stock:

A charitable contribution of stocks, bonds and/or mutual funds that have realized significant appreciation over time is one of the most tax-efficient ways to give. When you transfer ownership of stock held long-term (a year and a day) you may be eligible to receive a charitable deduction for the full market value of the security and incur no capital gains tax. Gifts of stock or securities can be made to a Bay Area Legal Services endowment held at the Community Foundation of Tampa Bay.