The CARES Act has a few temporary tax advantages relating to charitable giving:
If you DO NOT itemize, you can donate $300 CASH for an above-the-line deduction for qualified charitable contributions. For now, this is only for 2020. Please note: this is per tax return, not per spouse. $300 doesn’t seem like much, but to some nonprofits who serve Grundy County, a new $300 donation can make a world of difference. Please consider it!
If you DO itemize, the CARES Act temporarily modifies the contribution limits for individuals and allows individuals to deduct qualified charitable contributions up to 100% of their AGI (up from 60%). The excess contributions will be carried forward for the next five years. These changes only apply to cash contributions, again excluding Donor Advised Funds, but other Fund types here at the Foundation are eligible. Stock donations and gifts to private foundations are still subject to the 30% of AGI rule.
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