Oregon Charitable Gift Annuity
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How to fill out Charitable Gift Annuity?
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FAQ
If you own an annuity and give it to another individual as a gift, special income tax rules apply. You (the donor) are considered to have surrendered the contract and are subject to tax on the difference between the value of the contract (the cash surrender value) and the amount you have invested in the contract.
If you fund the gift annuity with appreciated securities or real estate owned more than one year, part of the payments will be taxed as ordinary income, part as capital gain, and part may be tax-free. In most instances, the payments will eventually be taxed as ordinary income.
Unlike a gift annuity, a charitable remainder trust is not a contract with a charity to make a guaranteed payment. The payments from the CRAT continue if the trust has enough assets to make the payments. If the principal is exhausted, payments to the beneficiary stop.
As long as your total lifetime gifts and estate are below this amount, you don't have to pay taxes when you gift an annuity. However, the annual exclusion amount for gifts, according to the IRS, is $15,000. If you transfer an annuity worth more than $15,000, you must file a gift tax return, even though no tax is due.
It is possible to donate an annuity to a charity. Doing so requires adjusting either the owner or the beneficiary of the annuity; these are two of the four parties in an annuity contract. The insurance company issues the contract. The annuitant receives payments during his/her lifetime.
So long as you transferred ownership more than three years before dying, the value of the annuity won't go into your taxable estate. But if you give the annuity as a gift, you have to pay tax on any gain at the time of the transfer. Additionally, you might be liable for gift taxes depending on the value of the annuity.
As long as you do not withdraw your investment gains and keep them in the annuity, they are not taxed. A variable annuity is linked to market performance. If you do not withdraw your earnings from the investments in the annuity, they are tax-deferred until you withdraw them.
It is a non-taxable event. Even though any money coming out of an IRA will be taxed as ordinary income levels, transferring an annuity from one IRA to another will NOT trigger any taxes at all.
According to Kiplinger, your tax deduction is usually 25 to 55 percent of the amount you transferred to charity. Your tax deduction is calculated by taking the full amount of your contribution and subtracting the present value of the lifetime payments you're scheduled to receive.
If the gift annuity is funded with cash, part of the payments will be taxed as ordinary income and part will be tax-free.