A gift to the Plymouth District Library Endowment Fund at the Community Foundation for Southeast Michigan benefits the Library by strengthening our financial future to allow us to respond to needs and opportunities as they arise over time.
Claim an Above-the Line Deduction in 2021
If you’ve made a cash gift 2021 to support the Plymouth District Library Endowment Fund, you can deduct up to $300 for your contribution if you elect to take the standard deduction and are a single filer or a married taxpayer filing separately (or up to $600 for married taxpayers filing jointly).
Donate Publicly Traded Securities
Did you know you can make a gift of stock into the Plymouth District Library Endowment Fund?
The Community Foundation for Southeast Michigan can accept gifts of publicly traded stock, bonds, and mutual fund shares. Donating property that has appreciated can be a win-win for you and the Plymouth District Library. Not only will you be entitled to an itemized charitable deduction at the fair market value at the date of the gift, you will avoid paying capital gains tax on the appreciation, and the proceeds will be added to the Plymouth District Library Endowment Fund.
Consider a Qualified Charitable Distribution (QCD) with Retirement Assets
IRA owners who are aged 70½ or older can transfer up to $100,000 per year directly from their IRA to the Plymouth District Library Endowment Fund held at the Community Foundation for Southeast Michigan, tax-free. For married couples, each spouse can make QCDs up to the $100,000 limit for a potential total gift to the Plymouth District Library Endowment Fund of $200,000, tax-free. If you are over 72, the QCD counts toward your required minimum distribution for the year. The QCD is an option for your charitable giving for all taxpayers, whether you itemize or take the standard deduction.
Cash Gifts in 2021
For 2021 only, gifts of cash to the Plymouth District Library Endowment Fund are deductible up to 100% of adjusted gross income (AGI). If you have significant assets, cash on hand, and low AGI, this may be a way to significantly reduce federal tax owed for 2021.
Note: This material was developed by Community Foundation for Southeast Michigan. It is published with the understanding that neither the publisher nor the author is engaged in rendering legal, accounting, or other professional service. If legal advice or other expert assistance is required, the services of a professional advisor should be sought.