The new CARES (Coronavirus Aid, Relief, and Economic Security) Act provided a few key provisions for your charitable goals:
• Required minimum distributions (RMD) are temporarily suspended for the 2020 tax year. But if you are 70½ or older, you can still make a tax-free gift to us from your IRA and see your gift put to use today.
• An available charitable deduction of up to $300 if you take the standard deduction.
• Cash contributions to qualified charities can be deducted up to 100% of your adjusted gross income in the 2020 calendar year for those who itemize.
If you have any questions, please contact Debra Victor or Sylvia Manewith at 314-996-5054.