year-end giving

December is a time of reflection, anticipation and gathering. It’s also a time to think about year-end charitable tax strategies and important deadlines.

Year-End Charitable Giving Tips

We hope the following tips and important dates are helpful as you plan to give for good before year-end.

Giving for Good With an IRA Distribution

Those age 59½ or older can take a distribution from an IRA and then make a gift to the Sanford Health Foundation without penalty. If you itemize your deductions, you can take a charitable deduction for the amount.

Those age 70½ or older can give any amount up to $100,000 from an IRA directly to the Sanford Health Foundation. You will not pay income taxes on the transfer. If you are 72 or older, you can use this transfer to satisfy your required minimum distribution.

Note: We must receive your gift by December 31 for your donation to qualify for the 2023 tax year. If you have check-writing privileges on your IRA, please account for time in the mail stream.

Giving for Good With Stock and Mutual Funds

Donations of stock and mutual funds are tax-smart philanthropic strategies that many donors utilize at year-end. In addition, when you donate appreciated stock you may be able to avoid paying taxes on the appreciated value and, when you itemize, you may qualify for an income tax charitable deduction based on today’s market value.

Note: Because of their complexity, these gifts should be initiated early. To quality as a 2023 charitable tax deduction, these gifts must be received by Friday, Dec. 29.

Giving for Good Through Your Donor Advised Fund

When you recommend grants to the Sanford Health Foundation through your donor advised fund, you’ll help us advance our mission to bring health, hope and healing to patients and families who need care close to home. Check with your donor advised fund provider for information about how to direct a grant to the Sanford Health Foundation before year-end.

Giving for Good by Check or Credit Card

Many donors support the work of Sanford Health by donating via check or credit card to the Sanford Health Foundation.

Note: To quality as a 2023 charitable tax deduction

- Checks must be received or postmarked by Sunday, Dec. 31.
- Online credit card donations must be made by Sunday, Dec. 31.
- Credit card donations made by phone or mail must be processed by 5 p.m. CT on Friday, Dec. 29

Planning Ahead for 2024 and Beyond

Check these off your to-do list as you plan ahead for 2024.

- Will Planning: A gift to the Sanford Health Foundation through your will creates a meaningful legacy that keeps on giving. For more information about how to include the Sanford Health Foundation in your will, contact us — we’re here to help!
- Update Your Beneficiaries: Assess your retirement plan beneficiaries to ensure you’ve considered your loved ones and favorite causes.
- Review Policies: If you have a life insurance policy that is no longer a significant piece of your estate plan, consider making the Sanford Health Foundation the beneficiary.

Learn more about how you can give the gift of hope for the holidays.

The information in this publication is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor.