Tax Wise Gifts

Tax Wise Gifts

Now, more than ever, our needs are greater. You can make a difference in the fight against cancer with a tax-wise gift. Philanthropic support is essential to Barbara Ann Karmanos Cancer Institute researchers who work tirelessly to develop lifesaving protocols that have contributed substantially to therapeutic breakthroughs in cancer throughout Michigan and worldwide – giving patients and their families hope.

No matter the size, all gifts make a BIG difference. This is a good year to consider the tax advantages by making your gift prior to December 31, 2021:

  • If you take the standard deduction, a charitable deduction of up to $300 for a single person and $600 for a couple is available for this year only.
  • Cash contributions to qualified charities can be deducted up to 100 percent (increased from 60 percent) of your adjusted gross income (AGI) for the 2021 calendar year for those who itemize.
  • Individuals over 70½ can donate up to $100,000 in IRA assets directly to charity annually, without taking the distribution into taxable income.
  • Individuals over 59½ can take a cash distribution from their IRA, contribute the cash to charity and potentially offset tax attributable to the distribution by taking a charitable deduction in an amount up to 100 percent of their AGI for the tax year.
  • Individuals over 70½ can donate up to $100,000 in IRA assets directly to charity annually, without taking the distribution into taxable income.

Thank you for considering a tax-wise gift to the Barbara Ann Karmanos Cancer Institute. With your financial support, we are able to do things to fight cancer that did not exist as far back as yesterday.

    How to Make a Gift

    Contact Denise Lowe at 248-226-2163 or email giving@karmanos.org for the information you need to make a qualified charitable donation (QCD).