In March, the COVID Relief Bill was passed, helping millions of people across the country during this troubling time. This bill includes several changes regarding charitable giving. Below are three ways the bill can help you and support kids and adults with hearing loss at the same time.
Suspends Required Minimum Distributions
If you are 70½ or older and have an IRA, you can still make a tax-savvy charitable gift. You are permitted to give from your IRA directly to Heuser Hearing through a qualified charitable distribution (or QCD).
Your donation allows you to help kids with hearing loss while avoiding taxable income.
New Universal Above-the-Line Charitable Deduction
If you take the standard deduction, a charitable deduction of up to $300 per tax return is available. This new deduction is an “above-the-line” adjustment to income that will reduce your adjusted gross income (AGI) as well as your taxable income.
Increases Charitable Deduction Limit for Cash Contributions
If you itemize your deductions, the COVID Relief Bill allows you to deduct much greater amounts of your cash contributions. You can elect to deduct cash donations of up to 100% of your AGI (up from 60% previously) this year.
To learn more about ways you can make a tax-savvy charitable gift to Heuser Hearing, contact Shannon Kisselbaugh, Director of Philanthropy, at (502) 371-9939.