We wanted to be aware of some important CARES Act provisions that are scheduled to expire at year’s end. These provisions may affect you—and even make it easier for you to make a gift to the Center. They include:
• A temporary suspension of required minimum distributions (RMD) for the 2020 tax year. Beginning in 2021, the RMD rules will return unless Congress takes further action. If you are 70½ or older, you can still make a gift from your IRA or name us as a beneficiary.
• An expanded charitable giving incentive that allows taxpayers who take the standard deduction to make up to $300 in charitable cash contributions to qualified charities this year. The $300 deduction is per tax-filing unit, so the deduction is limited to $300 even for married taxpayers filing jointly.
• For those who do itemize their deductions, the law allows for cash contributions to qualified charities such as ours to be deducted up to 100% of your adjusted gross income for the 2020 calendar year.
To learn more about expiring charitable giving tax benefits this year call Laurie Betts Sloterdyk 515-564-5122 or email firstname.lastname@example.org.
Thank you to The Stelter Company for providing the above information.