Tax Breaks for CureDuchenne Supporters in 2020

Amy Cook Blog

The Coronavirus Aid, Relief, and Economic Security (CARES) Act encourages charitable giving by increasing tax incentives for individuals and corporations.  We want to make sure that anyone who supports us this year takes advantage of the new rules:

For Individual Donors

  • Deductions on cash gifts for 2020 only can be taken on 100% of AGI.
  • Supporters who use the standard deduction rather than itemizing can now deduct an additional $300 of cash contributions to public charities like CureDuchenne.

    Additional Stipulations
    • All gifts must be cash, rather than securities or other assets.  The gifts may be given outright or used to establish a charitable gift annuity.
    • Gifts must be made to public charities, not to donor advised funds, charitable trusts, supporting organizations or private foundations.

Required Minimum Distributions from IRAs Waived in 2020

  • Under the CARES Act, required minimum distributions (RMDs) from IRAs that would have had to start in 2020 do not have to start until 2021.  Those who do not need all of their IRA income may wish to make gifts using this strategy in an effort to reduce the size of future required distributions.
  • Qualified charitable deductions are still an attractive option to make tax advantageous contributions.  This is especially appealing to those donors who do not itemize on their taxes.
  • If you are 70 ½ or older, a QCD allows you to contribute up to $100,000 (for individuals) or $200,000 (for married couples) to charity from your IRA and pay no federal income tax upon withdrawal.

There has never been a better year for everyone to give, or a better incentive to feel good about giving. With support needed more than ever to help CureDuchenne continue its work, now is time to take advantage of the CARES Act.

*As always, please consult with your financial or tax advisor to determine the impact of these CARES Act provisions on your plans.

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