In some situations, you can receive a tax benefit for your generous gift to Beth Israel Deaconess-Needham. Here are two ways to make a gift that can also benefit you during tax season.
Appreciated Stocks and Bonds: A gift of long-term appreciated securities provides capital gains tax savings and allows you to claim an income-tax charitable deduction―all while supporting BID Needham’s lifesaving mission.
Mutual Fund Shares: Gifts may also be made from mutual fund accounts to BID Needham. You are required to write a letter of instruction to your mutual fund stating the number of shares being given to the medical center, the timing of the gift, and the name of the account from which the shares are coming.
When making gifts of appreciated securities or mutual fund shares, please remember to notify the Office of Philanthropy so we may promptly acknowledge your generosity and confirm the details of your gift.
IRA Charitable Rollovers
For individuals age 70½ or older, the IRA Charitable Rollover is a tax-efficient way to support BID Needham. If you are required to make annual withdrawals from an IRA account, these otherwise taxable distributions can satisfy your annual Required Minimum Distribution (RMD) and exclude these funds from your taxable income. The transfer must not exceed $100,000 and must be made directly from your IRA administrator to BID Needham.
BID Needham can provide you with a sample request letter to use when requesting the funds from your administrator