Wondering how the CARES Act affects your charitable tax deductions? Here are a few bullet points outlining some of the nuances for this year:

  • In 2020 only, there is a $300 ($600 for couples) universal, above-the-line, charitable contribution deduction.
  • For itemizers, in 2020 only, the charitable deduction limitation for cash contributions is raised to 100% of AGI, but not for a Donor Advised Fund. Regular limitations for non-cash contributions still apply.
  • RMD’s for IRA’s are suspended for 2020. You can still make a direct Qualified Charitable Distribution (QCD), but it might pay to wait until right after the new year.
  • As always, consult your tax advisor.

You can find more information about the CARES Act HERE