It’s Better to Give and Receive

If you are 59 1/2 or older, you can take an early distribution from your IRA to make a gift to Scripps without penalty. You can then take a charitable deduction for the amount on your taxes. If you are 70 1/2 or older, you can directly give up to $100,000 a year from your IRA without paying income taxes on the transfer. If you are 72 or older, you can use this transfer to satisfy your required minimum distribution. The fine print: Your gift must be received by December 31 to qualify this year. If you have check-writing features on your IRA, your check must clear your account by December 31 to count toward this year’s required minimum distribution.

Donating via appreciated stock can give you double the tax benefits. You’ll avoid paying taxes on the appreciated value of the stock, plus when you itemize, you’ll qualify for a charitable deduction based on today’s market value. Again, transfers must be completed by December 31. This includes electronic transfer, hand delivery of the securities or mailed stock and stock power (mailed separately for security).

If you know you want to give back, but you’re not sure what you'd like to support, a donor-advised fund may be your best option. Setting up a donor-advised fund lets you transfer cash now and enjoy the tax savings, then as your fund builds, you can make recommendations on what causes you’d like to support. You don’t have to designate funds this calendar year to receive the tax benefits, but you do have to complete the contribution to the fund by December 31.

Learn more about these charitable giving options.