2020 Year End Tax Incentives
As we get ready to close out 2020, did you know that there are unique tax benefits from making charitable gifts this year? The CARES and SECURE Acts offer advantageous ways to leverage charitable giving through December 31, 2020, making now a great time to make charitable gifts of cash and other assets while also providing you tax benefits!
- In 2020 only, if you itemize your deductions, you may deduct cash gifts to qualified organizations up to 100% of your adjusted gross income (AGI) instead of the usual 60% limitation.
- Whether you itemize or take the standard deduction on your 2020 taxes, you can also take a charitable deduction for cash contributions to a qualified organization up to $300 per tax return.
- You may grant a one-time or recurring gift through your Donor Advised Fund.
- No change was made for the age at which you can make a Qualified Charitable Distribution (QCD). If you are at least 70 ½, you can still direct a QCD from your retirement account up to $100,000 without recognizing the income.
- The Required Minimum Distribution (RMD) age was increased from 70 ½ to 72 for retirement assets, and RMDs may be suspended in 2020.
There are many ways that you can donate to HEADstrong’s mission and help families from all over the country who are affected by cancer while taking advantage of these unique tax benefits. They are:
- Donate on HEADstrong’s website by clicking HERE
- Send a check to HEADstrong at HEADstrong Foundation, 232 Green Ave., Holmes, PA 19043
- Venmo HEADstrong at @HEAD-strong
- Name HEADstrong as a beneficiary of a retirement account, donor advised fund, or life insurance policy