Memorial Sloan Kettering

April 2018 Newsletter

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Have a Question? We Can Help. Our knowledgeable planned giving team is ready to answer any questions you may have about the many ways you can make a meaningful gift to MSK. Back Row: Stacy Angarola, Andrea Ryan, and Allison Jewell; Front Row: Amanda McKim, Diana Dilg, and Pamela Colker Ms. Andrea Ryan Office of Planned Giving Toll free: 800-688-1827 | PAGE 4 Reflecting on the Future | Spring 2018 With the introduction of the tax law this year, you may be wondering how you are impacted. Among the changes: Standard Deduction: The new law nearly doubles the standard deduction to $12,000 for single filers, $18,000 for heads of household, and $24,000 for joint filers. Charitable Contributions for Cash Gifts: The new law increases the current 50 percent of your adjusted gross income limitation for donations by cash, check, or credit card to 60 percent. Itemized Deductions: If you are eligible to itemize in 2018, your deductions may look a little different (though charitable deductions remain under the new law if you are eligible to itemize). If you purchase a new home, there is now a cap on the mortgage interest deduction for the first $750,000 of debt on your primary residence. Under the new plan, if you itemize your deductions, you will be able to deduct up to $10,000 for income, sales, and property taxes. If you are not eligible to itemize, consider these other smart ways to make a gift to MSK: Gifts of appreciated property. You may qualify for an income tax charitable deduction and eliminate capital gains tax. The IRA charitable rollover. For individuals age 70½ or older, this option helps fulfill your required minimum distribution and is not considered taxable income. New Tax Law and Charitable Giving IMPORTANT UPDATE

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