If you are looking for a last minute charitable idea you might consider a year end gift, to help NCJW/Essex carry out our mission and reach more people. The need is great, and we truly need your help. Your donation might also have some “new” tax incentives this year. Always check with your accountant.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act offers new opportunities to maximize the benefits of your charitable giving, but only in 2020.
They include:
- A new tax benefit for non-itemizers. Donors who do not itemize may take a one-time adjustment to income of $300 for cash gifts.
- Higher charitable deduction limits for cash gifts in the tax year 2020. Donors who itemize may claim a charitable deduction for up to 100% of their adjusted gross income (AGI) for cash gifts.
- A suspension of the Required Minimum Distribution (RMD) from individual retirement accounts. Individuals over age 72 do not need to take an RMD in 2020.
- Continued opportunity for individuals age 70 1/2 or older to make a qualified charitable distribution (QCD). Donors may give as much as $100,000 directly from an IRA plan to a qualified charity.
The above information provides a general overview that is not intended as tax or legal advice. Donors are encouraged to consult with their own professional advisors on how the CARES Act may apply to them. For further discussion please contact David Pasternack, Director of Resource Development at 917-535-6555 or dpasternack@ncjwessex.org.