This year, the CARES Act means new rules for donors to consider as part of their year-end charitable giving plan.
RMDs: The CARES Act waives Required Minimum Distributions (RMDs) for 2020, but you can still choose to take a Qualified Charitable Distribution from a traditional IRA starting at age 70½ to support a qualifying charity and eliminate taxes on that distribution.
Itemized Donations: If you itemize your deductions in 2020, the CARES Act allows you to deduct up to 100% of your Adjusted Gross Income for cash contributions to a qualifying charity.
Standard Deduction: For those taking the standard deduction in 2020, The CARES Act allows an “above-the-line” deduction for charitable contributions of cash up to $300 per individual taxpayer or $600 for eligible couples filing jointly.
Consult with your accountant or financial advisor for more information, or contact Rebecca Neimark, Development Director, at 413-256-6006 x122.Click here to return to full list of blog entries. Or chose a specific Blog category below.