End of Year Giving
Get More Out of Giving in 2020
New Laws Make Year-End Giving More Beneficial
The 2020 Coronavirus Aid, Relief, and Economic Security (CARES) Act includes a variety of new charitable giving incentives, especially for cash donations that support the essential services of nonprofits like the Baptist Foundation.
New deduction available: A charitable deduction of up to $300 is available to those who take the standard deduction that can reduce your adjusted gross income (AGI) and taxable income.
New charitable deduction limits: Individuals who itemize deductions can deduct charitable cash donations up to 100% of their 2020 AGI, up from 60% previously.
Required minimum distributions (RMDs) waived in 2020 for most: RMDs from traditional individual retirement accounts (IRAs) and other defined plans are suspended until 2021 for individuals over age 72. Account owners over age 70½ can direct up to $100,000 from their IRA to charities through a qualified charitable distribution (QCD) and avoid taxable income.
Talk to your financial advisor or tax planner to see how these new incentives could impact your 2020 tax liability.
And please remember Baptist Memorial Health Care Foundation in your year-end financial planning. Call us at 901-227-7123 to donate by credit card, make a bequest through a will or trust, donate stock or make a gift in kind.