AAVSO: Year End Giving

It's that time of year again! The holiday rush is about to begin, and many of us have waited until the last minute to make our charitable gifts. Here are some answers to frequently asked questions regarding year-end giving.

Is my gift to AAVSO tax deductible?

Yes. Because AAVSO is qualified as a tax-exempted organization under section 501(c)(3) of the IRS Code, all gifts to the organization are tax deductible. For how much you can deduct, consult your tax adviser and the IRS web site.

Do membership dues count as a tax-deductible gift to AAVSO?

Unfortunately, no. Any amount over your regular membership dues ($60.00) counts as a charitable donation to AAVSO. If you renew your membership at the sustaining level ($120.00), half of that money is eligible as a deduction.

Do I need a receipt to claim a tax deduction?

It depends on the amount of your gift. Typically, any gift of $249.99 or less does not need a receipt. (AAVSO will still issue you a receipt, in the form of a letter, but the IRS does not require it.)

For a single gift of $250 or more, you are required to have a receipt to substantiate your claim.

Do I need to send the receipt to the IRS?

No. Just keep your receipt on file to support your claim (in case you are audited). The statute of limitations for the IRS is three years, so retain the receipt for at least that long. Depending on what type of contribution you make, you may want to keep it longer. Consult your tax adviser for details.

Where on my federal tax return can I deduct contributions to the AAVSO?

Most gifts can be claimed on Form 1040, Schedule A, Itemized Deductions, under the section Gifts to Charity (lines 15-18). These gifts include cash and non-cash contributions.

You will need to itemize your return (and not take the standard deduction) in order to take a deduction for charitable gifts.

Can seniors still use IRAs as tax-free charitable distributions?

Yes, because of legislation just recently passed, people age 70-1/2 and older can transfer up to $100,000 each from individual retirement accounts (IRAs) to charity without incurring federal income taxes today or estate and income taxes in the future. The transfer can even act as your minimum required distribution. This ends December 31st, 2009, unless Congress passes new legislation.

What is the last day I can make a contribution in 2008?

It depends on your gift. If you're contributing by credit card at AAVSO's online giving page, you have until midnight, December 31. Your credit card must be charged in the same tax year that you want to claim a deduction.

If you are mailing your check, the postmark (and not just the check) must be dated prior to December 31 to qualify for a 2008 deduction.

If you are giving securities and your broker is executing the transfer, allow a minimum of two weeks for the securities gift to be transferred to the AAVSO.

Don't put off giving to the AAVSO until the last minute. You can donate right now by filling out this simple online form. Get this item off your 'to do' list and enjoy the Holidays.

Your contributions guarantee the continuation of our valuable scientific and educational programs.

Thank you, very much, for your valuable support.

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