Tax Benefits of the CARES Act

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.

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