Give: Tax Advantaged Ways to Give

Temple Sinai has always been sustained by the generosity of our members, and your generosity is more important than ever.

An Easy Way to Donate
Gifts of appreciated stocks, bonds, real estate, tangible assets — or just a check — are the easiest and most direct way to support Temple Sinai. These gifts often result in an immediate tax deduction and a gift of appreciated property can yield additional tax savings.

“Bunching Donations”
If you do not have enough deductions to itemize, you can group your donations in certain years to maximize tax benefits for other tax-advantaged strategies. Some donors may find that the total of their itemized deductions for 2022 will be slightly below the level of the standard deduction. They may find it beneficial to bunch 2022 and 2023 charitable contributions into one year (2022), itemize their deductions on 2022 taxes, and take the standard deduction on 2023 taxes. In addition to achieving a large charitable impact in 2022, this strategy could produce a larger two-year deduction than two separate years of itemized deductions, depending on income level, tax filing status, and giving amounts each year.

Qualified Charitable Distributions (QCDs)
If you are 70 ½ or older, Qualified Charitable Distributions (QCDs) are a great way to support Temple Sinai during your lifetime. QCD’s are designed to allow you to take a portion of your IRA “required minimum distribution” (RMD -- the amount you must start taking from any of your IRAs once you reach the age of 70 ½, even if you have not yet retired) and contribute some or all of it to charity. A QCD is a direct transfer from your IRA to a qualified charity, totally free of tax. QCDs count toward your annual RMD if certain rules are met. A QCD is often better for the donor tax-wise than taking the required distribution and making donations separately.

Required Minimum Distributions (RMD)
RMDs are required minimum distributions you must take every year from their retirement savings accounts, including traditional IRAs, and employer-sponsored plans such as 401(k)s, and Roth 401(k)s, starting at age 72.   

• If you’re turning 72 this year and taking your first RMD, you have until April 1, 2023, to do so. For each subsequent year, your RMD must be taken by December 31. Keep in mind, if you delay your initial RMD until April 1, you’ll be responsible for 2 withdrawals that year (one by April 1 and one by December 31), which could result in a larger tax liability.

• If you’re older than 72, you must take your RMD by December 31 each year.

Please be in touch if a conversation would be useful to you. Executive Director Terrie Goren terrie@oaklandsinai.org is standing by to answer any questions that you may have.

Temple Sinai’s Tax ID number is: 94-1156845

This information is intended to be educational and is not intended as legal or financial advice. Please check with your financial and legal advisors on whether any of the tax-advantaged ways to benefit Temple Sinai apply to you.