Charitable Remainder Trust Calculator Formula
Description
How to fill out Charitable Remainder Inter Vivos Unitrust Agreement?
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FAQ
To claim a tax-deductible donation, you must itemize on your taxes. Your donation must meet certain guidelines to qualify. The amount of charitable donations you can deduct may range from 20% to 60% of your AGI.
Government regulations determine this amount, which is essentially calculated by subtracting the present value of the annuity from the fair market value of the property and/or cash placed in the trust. The balance is the amount that the grantor can deduct when the grantor contributes the property to the trust.
The payments generally must equal at least 5% and no more than 50% of the fair market value of the assets, valued annually.
The deduction is limited to the present value of the charitable organization's remainder interest. This is calculated as the value of the donated property minus the present value of the annuity.
In either type of CRT (unitrust or annuity trust), the Internal Revenue Service (IRS) requires that the payout rate stated in the trust cannot be less than 5 percent or more than 50 percent of the initial fair market value of the trust's assets.