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Forbes: 10 Things to Do When You Win the Lottery

9. Plan charitable gifts.

You can offset the additional income from your lottery winnings with a charitable deduction. But you must make your donation by Dec. 31.

For gifts to a public charity, donors are entitled to an income tax deduction for up to 50% of adjusted gross income (AGI) for cash contributions and up to 30% for donations of other appreciated assets held more than 12 months.

If you are unable to decide between now and year-end which charities to support, it may be worth considering a donor-advised fund. With a donor-advised fund, you can make a charitable donation this year and claim a federal tax deduction for your irrevocable contribution but postpone recommendations about which charities should receive grants from the account until some time in the future.

(iStock)

More from Forbes:
The Biggest Lottery Winners Ever
15 Top Foreign Retirement Havens
The 25 Best Places to Retire



The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.

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