Your generosity stretches even farther with year-end incentives in 2020 CARES Act legislation
Posted on December 18, 2020
Thank you for supporting Innovia Foundation. When considering year-end giving, the following information may be of interest to you:
In 2020 only, if you do itemize your deductions, you may deduct cash gifts up to 100% of your adjusted gross income (AGI) instead of the usual 60% limitation.
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.
If you take the standard deduction on your taxes, you can also take a charitable deduction for charitable contributions up to $300 per tax return.
You may grant a one-time or recurring gift through your Donor Advised Fund.
Consider naming Innovia Foundation as a beneficiary of a retirement account, donor-advised fund or life insurance policy.
Please consult with your professional advisors on how these suggestions may impact you.
If you have any questions or would like more information about making a gift, please contact us at email@example.com or call (509) 624-2606.