As you may have heard, the U.S. Congress has passed the CARES Act. This act has many facets and makes certain modifications to help facilitate philanthropic contributions for 2020 to worthwhile organizations such as Malden Catholic.
Some specific provisions of the CARES Act related to charitable giving are referenced below. As always, please consider discussing with your professional tax advisors as to how the CARES Act provisions might impact your individual tax planning.
$300 CHARITABLE DEDUCTION FOR ALL
Even if you do not itemize deductions on your taxes, your gift to Malden Catholic can reduce your 2020 taxable income by up to $300 ($600 for couples). This is a special benefit for 2020.
100% DEDUCTION ALLOWANCE FOR CASH GIFTS TO CHARITIES
For the 2020 tax year only, those individuals who do itemize their deductions, may deduct cash gifts up to 100% of their adjusted gross income (AGI) compared to the typical 60% allowance.
IRA DISTRIBUTIONS FOR DONORS AGE 70½ OR OLDER
Though the required minimum distribution (RMD) is temporarily suspended for 2020, gifts from an IRA rollover or qualified charitable distribution (QCD) will continue to reduce your taxable income (up to $100,000), especially if you do not itemize your deductions.
Your Charitable Goals
We are deeply grateful for your continued kindness and support during this difficult time. Please contact Robert McCarthy, Senior Director of Institutional Advancement at firstname.lastname@example.org to discuss how your gift can help further our mission.