Taking the Standard Tax Deduction?
The CARES Act expands charitable giving incentives and enables taxpayers who take the standard deduction on their tax return to make up to $300 in cash gifts as tax-deductible contributions to qualified charities. Just imagine … if every NATS member gave $300 to the Framing Our Future Fund this year, it would result in more than $2 million in gifts this year to NATS, paving the way to bright future!
Itemizing Your Tax Deductions?
For those who itemize their deductions, the new law allows for cash gifts to qualified charities such as NATS, Inc. to be deducted up to 100 percent of the donor’s adjusted gross income for the 2020 calendar year.
Gifts from Your IRA (QCD, or Qualified Charitable Distribution)
You may roll over up to a total of $100,000 annually to qualified charities. The amount of the QCD is limited to the amount of the distribution that would otherwise be included in income. If you file a joint return, your spouse can also have a QCD and exclude up to $100,000.
A rollover gift is not tax deductible; however, the gift will reduce your taxable income because it will reduce the required minimum distribution you must take each year. In 2020, the age for beginning mandatory distributions was changed to age 72 for IRA owners reaching age 70 ½ after December 31, 2019. The required beginning date for IRA owners who haven't reached age 70 1/2 by the end of 2019 is April 1st of the year following the year of the owner’s 72nd birthday.
Consult your investment advisor about a decision to make a rollover gift. Questions? Contact at the NATS office or call us at (904) 992-9101.
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