In March, the CARES Act was passed, helping millions of people across the country during this troubling time. This bill includes several changes regarding charitable giving.
There are some important CARES Act provisions that are scheduled to expire on December 31, 2020. These provisions may affect you – and even make it easier for you to make a charitable gift to Heuser Hearing.
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.
- 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.
- If you itemize your deductions, the law allows for cash contributions to qualified charities such as ours to be deducted up to 100% (up from 60% previously) of your adjusted gross income for the 2020 calendar year.
To learn more about ways you can make a tax-savvy charitable gift to help children who are deaf or hard of hearing, contact Shannon Kisselbaugh, Director of Philanthropy, at (502) 371-9939.
* Consult your tax advisor before making any charitable gift. Heuser Hearing is not able to give tax advice.