UNDERSTANDING HOW THE CARES ACT IMPACTS CHARITABLE GIVING IN 2020
In the wake of the COVID-19 global pandemic, the generous community of Christ-following givers is doing what it has always done: passionately mobilizing resources for churches and charities serving those in need. The CARES Act, passed in March of this year, featured numerous tax benefits for charitable giving in 2020 including:
• Non-itemizing taxpayers may claim a $300 charitable contribution deduction for cash gifts to churches or public charities.
• For itemizing taxpayers, the maximum 60% of adjusted gross income (AGI) charitable contribution limit increases to 100% of AGI for 2020. This allows you to claim a deduction up to the full amount of your AGI for charitable cash contributions.
• Waiver of required minimum distributions (RMDs) from retirement accounts.
As always, we encourage you to speak with your financial advisor about how this opportunity impacts your particular situation.