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2020 - The Best Year to Give
List of 5 items.
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WHAT ARE THE LIMITATIONS FOR WHAT I CAN DEDUCT?
As part of the CARES ACT, individuals can elect to deduct donations up to 100% of their 2020 adjusted gross income. Normally, you can only deduct up to 60%. The new deduction is only for gifts that go to a nonprofit organization. The higher deduction does not apply to gifts to private foundations or donor advised funds. -
WHAT DOES THE CARES ACT MEAN FOR ME?
There are great tax benefits this year. If you take the standard deduction (meaning you don’t itemize), you can deduct up to $300 per taxpayer in charitable contributions. This adjustment will reduce your adjusted gross income, which reduces your taxable income. A donation to a donor advised fund does not qualify. -
WHAT IS THE CARES ACT?
On Friday, March 27, the Coronavirus Aid, Relief, and Economic Security Act (CARES) was put into effect. It is a $2 trillion economic stimulus package that provides immediate relief to people like you and me. -
WHERE CAN I GIVE MONEY TO TAKE ADVANTAGE OF THIS OPPORTUNITY?
You can donate to any nonprofit organization that is a registered 501(3)(c). Wisconsin Lutheran High School qualifies, along with all of our conference congregations. To make a gift to Wisconsin Lutheran, click here. -
WHERE CAN I LEARN MORE INFORMATION?
We encourage you to do your research. Visit home.treasury.gov/policy-issues/cares to read about the CARES ACT. Or, contact your financial planner/CPA for additional information on taking advantage of these tax benefits.
