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Your donations to MU Extension & Engagement receive the full benefit of a charitable contribution under the Federal Tax Code. The CARES act provides a $300 above-the-line deduction for charitable gifts for taxpayers who are not itemizing their deductions.
Your charitable contributions can help reduce your taxable income amount even more if you itemize. Current law allows deductions on 100 percent of adjusted gross income (AGI) in 2020 only. Consult your tax advisor to learn more.
Your gifts through the Missouri 4‑H Foundation enjoy the same charitable contribution benefits described here. If you are giving to 4‑H, visit the 4‑H Foundation website.
Charitable gift tax planning used to focus on avoiding or reducing estate taxes. Today's planning is about making gifts without increasing taxable income. Your tax-deductible contributions of cash and other assets may help you manage how much income tax you pay. Contact us to learn how you may be able to give a larger gift that will have even greater impact and lower your taxes.
You can make a gift of publicly-traded stock and reduce or eliminate your capital gains tax. Current capital gains rates may range from 15 percent to 20 percent for many people. If transferred directly to MU Extension without selling, the full value of the stock gift is deductible as a charitable contribution. Always consult your tax advisor before making a charitable contribution of appreciated assets.
If you are 70½ or older, your Individual Retriement Account is a great way to give without triggering taxable income. You can make qualified distributions directly to MU Extension up to $100,000 each year. These will not count as taxable income and can count as Required Minimum Distributions that some IRA owners must pay. You may make MU Extension a beneficiary of all or part of your retirement account. Contact the Advancement office to learn how to designate a gift for MU Extension.
