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.

These are uncertain times for all of us. However, if you find that you have all the resources you need, we hope you’ll consider making a tax-deductible donation to NYSEF.

Thank you for all your support until we can come together again to share stories, sport and community!

If you have questions on how to support NYSEF in 2020, please contact