Invest in Iowa's most valuable commodity - our youth - by making a gift of grain!
For many cash basis farmers, significant tax savings can be achieved by donating crops directly to the Iowa 4-H Foundation. This unique and tax-smart way to give is an easy way to support 4-H!
Tax Savings
Cash charitable contributions are deductible only as an itemized deduction from adjusted gross income which results in reducing federal income tax only. By contributing crops to the Iowa 4-H Foundation you can avoid having to include the sale of the cash crop in income, which results in saving self-employment tax, federal income tax and state income tax.
Steps
- Deliver the grain to your local co-op or elevator and tell them that you want to transfer ownership to the Iowa 4-H Foundation.
- Request a grain storage receipt showing the Iowa 4-H Foundation as the owner. The elevator should not sell the grain or issue a check to the Iowa 4-H Foundation without specific instructions from Foundation staff.
- Notify the Iowa 4-H Foundation at 515-294-1537 that the transfer has been made.
- The Iowa 4-H Foundation will sell the grain and provide you a receipt for your gift.
Use professional advisors
Always consult with your professional tax or legal advisors to determine tax implications prior to making the gift.
