The new CARES (Coronavirus Aid, Relief, and Economic Security) Act is designed to help you, businesses and nonprofits facing economic hardship during the pandemic.
Here are a few key provisions of the CARES Act that may affect you and your charitable goals:
Required Minimum Distributions Suspended
The new law temporarily suspends the requirements for required minimum distributions (RMD) for the 2020 tax year. This probably comes as a relief to many of you who would have had to withdraw from your retirement accounts. Many of our donors use their RMD to make a gift from their IRA. Despite the RMD suspension, remember that if you are 70½ or older, you can still make a gift from your IRA or name the Immaculate Conception High School as a beneficiary.
Why a Gift From Your IRA May Still Be a Good Idea
New Tax Incentives
The CARES Act expands charitable giving incentives and allows taxpayers who take the standard deduction to make up to $300 of charitable contributions to qualified charities this year.
What if all our donors gave “just” $300? Such support would have a huge impact on those we serve.
For those who do itemize their deductions, the new law allows for cash contributions to qualified charities such as the Immaculate Conception High School to be deducted up to 100% of your adjusted gross income for the 2020 calendar year.
Your Charitable Goals
We are deeply grateful for your continued kindness and support during this difficult time. Please contact the Institutional Advancement Office at 973-472-7231 or via email at email@example.com to discuss how your gift can help further our mission.