New Tax Breaks For Donations

 

4/21/2020

Federal economic relief measures are providing some tax breaks to encourage charitable giving. Below is a breakdown of the biggest changes.

Corporate Donations

The CARES Act allows corporations to take a tax deduction up to 25% of their 2020 adjusted tax income for contributions to qualifying charities. The new law temporarily lifts the limits from 10% of adjusted taxable income to 25% for 2020.

$300 Charitable Giving Deduction

Even if you don’t itemize your deductions and file using the standard deduction, the CARES Act allows you to deduct up to $300 for charitable donations you make in 2020 ($600 per couple).

Increase in Itemized Deductions

For cash gifts going to a public charity (like Tulsa Area United Way), individuals can deduct donations up to 100% of their 2020 adjusted gross income. For cash donations to donor advised funds, individuals can deduct up to 60% of their 2020 adjusted gross income.

Information for Retirees

Required minimum distributions have been suspended for 2020 under the CARES Act. This allows retirees to potentially recover losses due to volatility in the stock market. A reminder that the SECURE Act passed last year changed the starting age for required minimum distributions from 70½ to 72.

You can still make qualified charitable distributions from your IRA starting at age 70 1/2. Checks must be payable to the charity and not to you, in order to reduce your tax consequences related to the withdrawal.

 

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Agency Tour of Caring Community Friends

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New Tax Breaks For Donations
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Federal economic relief measures are providing some tax breaks to encourage charitable giving. Read more for a breakdown of the biggest changes.
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