There's Still Time to Support Xavier's Mission and Receive a 2018 Tax Deduction!
Generous alumni, parents, and friends of Xavier like you make a Jesuit education possible for today's students. As the end of 2018 approaches, you might be looking for ways to combine your desire to support Xavier’s mission with a desire to save on taxes. Any amount that you can give will help, and your gift will make an immediate impact. From classrooms, to athletic fields, to stages and parade grounds, you make it all possible. Here are some ways to support our students and be eligible for a 2018 tax deduction.
1. Give cash
Whether you give cash, by check or credit card, via Venmo or another way, a gift to Xavier before December 31 will qualify you for a 2018 tax deduction. Give today!
You can make online gifts 24 hours a day, seven days a week. Please note that Xavier will be closed for Christmas beginning at 12 p.m. on December 21, 2018, reopening on Thursday, December 27, 2018.
The Office of Advancement will be open between 9 a.m. and 5 p.m. on Thursday, December 27 and Friday, December 28. Please call (212) 337-7611 if you have any questions.
2. Give appreciated securities
Do you have shares of stock or mutual funds with a low-cost basis? You can donate them directly to Xavier instead of selling them, paying taxes, and giving the funds. In most cases, you can take a tax deduction for the full market value of the gift and avoid any capital gains tax. Other types of securities, such as restricted or privately traded securities, may also be deductible.
If you plan to donate stock, please be sure to let your broker know when you want the transfer to take place. Stock transfers can often take a few days to be completed. We want to make sure it can arrive in your desired time frame (e.g., by December 31) to take advantage of year-end tax savings. We recommend initiating all transfers by noon on December 28 to ensure receipt in 2018.
3. Consider a qualified charitable distribution (QCD) from an IRA
Are you age 70½ or older? Do you have an IRA? Planning to donate to Xavier this year? You can make a qualified charitable distribution (QCD) up to $100,000 from your IRA. A QCD can also be appealing because you can use it to satisfy your required minimum distribution (RMD). You can meet charitable goals and withdraw funds from an IRA without any tax consequences.
The information presented above is not intended as legal or tax advice.