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.

Individual Retirement Account (IRA)/Qualified Charitable Distribution (QCD)

For those 70½ years old and older, you can give any amount (up to a maximum of $100,000) per year from your IRA. This is known as a qualified charitable distribution (QCD), where your gift goes directly to a qualified charity, such as Karmanos. When you become subject to the required minimum distribution (RMD), generally at the age of 72, you can use your gift to satisfy all or part of your RMD.

If you make a QCD, you do not pay income taxes on the distribution from your IRA. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions. Since the distribution from your IRA gift doesn’t count as income, it can reduce your annual income level. This may help lower your Medicare premiums and decrease the amount of Social Security that is subject to tax.

If you are at least 59½ years old, you can take a distribution from your IRA to make a gift, without penalty. If you itemize your deductions, you can take a charitable deduction for the amount of your gift, subject to applicable limitations.

Download sample language to provide your administrator.

Donor Advised Funds

Donor Advised Funds (DAF) are the fastest-growing giving method and tax-efficient way to manage charitable donations. Donor Advised Funds allow donors to make a charitable contribution, receive an immediate tax deduction, and then recommend grants from the fund over time.

Grants made to Karmanos Cancer Foundation through Donor Advised Funds can be designated for Karmanos to use wherever the need is greatest or designated to a specific program area.

Karmanos Cancer Foundation tax I.D. number is 38--3584572.

Clients of Fidelity Charitable, Schwab Charitable and BNY Mellon can easily make a donation by clicking here.

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 for more information.