Ways to Donate To Morning Star:
- For tax year 2021, if you take the standard deduction (do not itemize) you can still deduct $300 ($600 if filing jointly) in charitable cash donations. Good for you AND good for the charities of your choice. If you itemize, you can receive a deduction for up to 100% of your Adjusted Gross Income to eligible charities in 2021. Check with your tax advisor for more information. MorningStar is a 501(c)(3) tax-exempt charitable organization. Donations to MorningStar are tax deductible.
- Beginning in the year you turn age 72, and every year after, you will need to make withdrawals from any Traditional (pre-tax) IRAs and pre-tax 401(k) and 403(b) plans you own AND pay income tax on these withdrawals. This is called a Required Minimum Distribution (RMD), a calculated percentage of all your holdings. BUT, if you donate all or part of your RMD directly to an eligible charity, that money does not become income for you, you do not have to pay taxes on it, AND the charity also does not pay taxes on the money. WIN-WIN! Check with your tax or retirement plan advisor on how to complete this donation to get the benefits.
- Please consider MorningStar in your end-of-life financial planning. Speak with your financial planner and/or lawyer regarding including MorningStar in your will or trust.