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Help a Reader – Can You Skip Out on Federal Taxes and Donate Income Directly to Charity?
Note: To view the previous posts I have written on charitable contributions, click on either of the links below.
However, as I constantly am reminded by her follow-up question, I most certainly do not have all of the answers. Not by a long shot!
- Dental Insurance
- Medical Insurance
- 401K Contributions
- Vision Insurance
- Flexible Healthcare Spending Accounts
So, after looking at the evidence, it is looking like I will have to report to my friend that she cannot contribute to charities with her pre-tax funds.
Two Other Interesting Findings
As I was searching for an answer to my friend’s question, I came across two other interesting things that are worth sharing:
- First, I found an Austrailian website, CareAustralia.org, that says that charitable gifts to help their efforts are made on a pre-tax basis.
- Therefore, it makes me think that donating money pre-tax is possible in other countries. Does anyone have experience with this?
- Second, I found that if you are over the age of 70.5 years old, you can make a Qualified Charitable Donation from an IRA using your pre-tax funds in the account. See the link below from Ameriprise for more information about this.
- Ameriprise.com – Charitable Tax Donations
Have you tried and/or been successful at donating money on a pre-tax basis? Did you meet any obstacles? Are any of the ex-United States readers out there able to do this?
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Related articles about taxes and donations/charitable contributions at several of my favorite personal finance blogs:
ChristianPF.com – See the Impact When You Donate to Charity
Smartmoney.com – Investigate Your Charity Before You Donate
About the Author Jacob A Irwin
Hi folks! My name is Jacob. I am the owner and operator of My Personal Finance Journey. I started this blog in January of 2010 and have enjoyed the journey ever since. Since finishing up graduate school in Virginia in 2014, I have been working in biopharmaceutical development in Colorado. You can read more about me and this site here. Please contact me if you have any questions!
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good find Kathryn! Do you know if you can do this with stock in your 401k or IRA accounts? All I found before was that you could donate stock from your IRA after you are 70.5 years old.
Have you looked into this? While not completely getting you out of the loop, you do avoid having to pay taxes on the stock when you sell it.
http://www.fool.com/FoolCharityFund/Donating_Stock.htm