On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law to address the current health and financial crisis.
Provisions in the act may help you with your charitable giving, including a new $300 charitable deduction for taxpayers who do not itemize deductions. If you do itemize, the act increases the amount you can deduct for a cash gift in 2020 from 60% of adjusted gross income (AGI) to 100% of AGI.
The act also suspended required minimum distributions from retirement accounts for 2020. However, IRA owners who are age 70½ or older can still make a qualified charitable distribution from their IRA to charity and avoid the income tax that would otherwise be due on the distribution. If you want to continue supporting the Wildlife In Need Center or other charitable organizations that are important to you, a qualified charitable distribution from an IRA is still one of the most tax-advantaged ways to make a gift.
Please consult with your professional advisor about how these or other changes in the CARES Act may affect you.
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