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.

IRA Rollover/Qualified Charitable Distribution (QCD)

Individuals over the age of 70 ½ can donate up to $100,000 in IRA assets directly to charity annually without taking the distribution into taxable income.

With several exceptions, the law now requires many beneficiaries of IRAs inherited from original owners who have passed away on or after January 1, 2020, to withdraw assets from an inherited IRA or 401(k) plan within 10 years following the death of the account holder.

Individuals over the age of 59 ½ 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.

Click here to 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 giving@karmanos.org for more information.