CARES Tax Info for Donors

The new Coronavirus Aid, Relief, and Economic Security (CARES) Act, passed by Congress recently, offers 3 charitable giving deduction opportunities for donors:

1. Universal Charitable Donation: Whether you itemize or not, this provides for a deduction of up to $300 in cash. If you make a donation to Aldersbridge Communities in the year 2020 or after, you will not have to pay taxes on it. Gifts made are eligible for above-the-line-deduction on your tax return, in addition to the standard deduction.

2. Cash Contribution Caps Lifted: Donors who itemize can give more as a percentage of their adjusted gross income and still benefit from a tax deduction. The percentage limitations for cash gifts are relaxed/suspended, so 100% of your AGI can be deducted for 2020.

3. RMDs Suspended: Required minimum distributions (RMDs) from qualified retirement plans, including IRAs, are suspended. There will no longer be a $100,000 limit on the amount allowed to transfer to charity from your IRA. You can sell assets (above the amount of RMD) and distribute/donate to a charity like ours in cash – and realize an offsetting income tax deduction for the full amount.

Please show you CARE by making your cash gift to Aldersbridge Communities today.