As the year winds down and you are busy preparing for celebrations and traditional gift-giving, think about giving the “gift that keeps on giving!”
Helping young people continue their education past high school, be it attending a college/ university or tech/trade school, is an investment for their future and society’s general betterment.
Post-high school education can be expensive. The cost of education after high school may even be a financial reach for many families. Maybe even a dream unfulfilled. To help these young adults, there may be a path to help lighten their financial load. Scholarships.
There could even be a tax advantage in helping to fund scholarships!
The mission of the Columbus Education Foundation is to provide scholarships for those students seeking to further their education beyond Columbus High School. Receiving education beyond the high school level provides a clearer path to a successful career. As our workforce ages, for our community and country to continue to be successful, we need new, productive workers coming into the workforce.
Did I say “tax advantage?” Yes, there is! Your donation to the Columbus Education Foundation, which grants scholarships to CISD students, is a tax-deductible donation. Your donation becomes a “win-win” investment.
The benefitted student wins with funds to help with the cost of higher education. You, the donor, win with a tax deduction on your federal income tax. This will allow Columbus Education Foundation funds that will go a long way in continuing their mission of providing scholarships for students of CISD to continue their education beyond CHS.
There is even an additional benefit for those at least 70 and a half years of age. You can make tax-free charitable donations directly from your IRA. By making what is called a qualified charitable distribution (QCD), you can benefit Columbus Ed ucation Foundation (a 501(c)3 organization) while excluding up to $105,000, which could be higher if you file a joint return in 2024 gross income. These gifts, known as “charitable IRA rollovers,” would otherwise be taxable IRA distributions.
Please consider making a taxfree donation to the Columbus Education Foundation, whether from non-IRA or via QCD funds. Non-IRA contributions can be made directly to Columbus Education Foundation through a check or bank draft or via Venmo. More information can be found on the CEF website www. ColumbusEducationFoundation. org The Columbus Educational Foundation is a qualified 501(c)3 non-profit entity for your dona tion to qualify for tax-free status.
The board of directors of the Columbus Education Foundation would like to wish you and your family a blessed and happy holiday season. Your support is greatly appreciated and all funds are used to benefit the students of CISD.In order to make a QCD, you simply instruct your IRA trustee to make a distribution directly from your IRA (other than SEP and SIMPLLE IRA) to a qualified non-profit (like Colum bus Education Foundation).
The distribution must be one that would otherwise be taxable to you. Note: You don’t get to deduct QCD’s as a charitable contribution on your federal tax return … that would be double dipping. Talk to your tax preparer to check how to navigate this tax advantage.
