Andrew Williams / Wednesday, November 4, 2020 / Categories: Foundation, Ways to Give Tax Benefits of the CARES Act Incentives for giving in 2020 The new CARES (Coronavirus Aid, Relief, and Economic Security) Act provided a few key provisions for your charitable goals: • Required minimum distributions (RMD) are temporarily suspended for the 2020 tax year. But if you are 70½ or older, you can still make a tax-free gift to us from your IRA and see your gift put to use today. • An available charitable deduction of up to $300 if you take the standard deduction. • Cash contributions to qualified charities can be deducted up to 100% of your adjusted gross income in the 2020 calendar year for those who itemize. If you have any questions, please contact Debra Victor or Sylvia Manewith at 314-996-5054. Print 7156 Rate this article: No rating