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Taxation

Adjusted Gross Income

Adjusted gross income, or AGI, is the total reportable income received by a taxpayer during the tax year after “above the line” adjustments, such as IRA contributions, have been made, but before any itemized deductions have been taken.  Certain charitable deduction limitations are computed based on a taxpayer's AGI.

The deduction a donor may take in a particular year for a charitable contribution is limited to a percentage of  the donor's AGI.  The percentage depends on the type of property given and the form of the gift.  30%/50% limitations or 20%/50% limitations may apply.

Taking the Surprise out of Life Income Gifts for Others

You are working with a donor who decides that they really don’t need income themselves, but they would like to make a gift that provides income for someone else. The income beneficiary may be a child, parent, friend or employee, and the gift may be a remainder trust, gift annuity or pooled fund. Alarm bells should go off, as there are some tax issues that may come as a surprise.

The Potential Taxes

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