The CARES Act and your Charitable Gift
Possible tax benefits for your contributions.
Did you know the CARES Act may still have additional tax benefits for you if you make a charitable gift this year?
The Act established several 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 2021, you are still able to make qualified charitable distributions (QCD) up to $100,000 from your IRA in 2021 to charities like ARL in a tax-efficient manner.