The CARES Act and your Charitable Gift
Possible new tax benefits for your contributions.
The CARES Act has been making headlines for stimulus payments and new loan options, but did you know it may include additional tax benefits for you if you make a charitable gift this year?
The Act established several new provisions that you may be eligible for, depending on how you file your taxes.
However, these new benefits do have some restrictions:
- Only cash gifts are eligible. This means gifts of stock, vehicles, land, or other goods will not qualify
- Gifts to establish or to add to Donor-Advised Fund accounts do not qualify
- Gifts must be made to public charities like ARL, as gifts to private foundations do not qualify
Updates to Required Minimum Distributions (RMD):
For most facing RMDs in 2020, your distribution may be delayed until 2021. However, you are still able to make qualified charitable distributions (QCD) up to $100,000 from your IRA in 2020 to charities like ARL in a tax-efficient manner.