“Like many organizations, NYSEF has been negatively impacted by the COVID-19 pandemic with canceled races, social events, camps, summer programming, etc. However, even in this challenging time, we will always have our strongest asset– the mass of individuals that make up the greater NYSEF community who all play integral roles in spinning the supportive webbing that holds us up. NYSEF is confident we will persevere from this time in history because of all of you.” – Executive Director, John Norton
CARES Act: Congress passed the CARES Act which opens up pathways to help make charitable giving easier. Below are the key takeaways from this act:
- A new deduction – donors who do not itemize when filing their tax returns will be allowed to take a special tax deduction, up to $300 per tax filing unit, to reduce your tax liability. This is temporary and only available for 2020.
- An increase in the deduction limit – up to 100% of a donor’s annual income for cash gifts (previously the deduction was capped at 60% of annual income).
- Corporations may deduct up to 25% of taxable income, up from the previous limit of 10%.
- Required Minimum Distribution (RMD) Waiver – The RMD is waived for IRA and other qualified retirement plan owners for the year 2020. Loyal donors may still wish to use IRA funds to make a qualified charitable distribution (QCD) while reducing their taxable income. The QCD is available up to $100,000 for individuals who are over age 70½.