Recent Tax changes for Charitable Giving
Individuals who don’t itemize their taxes could deduct up to $300 in cash donations for the 2020 tax year only. Contributions to Donor Advised Funds, Gift Accounts and Supporting Organizations are not eligible for this deduction.
The Act also lifts the cap on annual giving from 60 percent of adjusted gross income to 100 percent.
Required Minimum Distribution (RMD) requirements have been suspended for the 2020 tax year. Qualified Charitable Distributions (QCDs) are still available as a gifting option if you are 70 1/2 and older.
Please check with your financial advisors on what strategy is best for your charitable giving.
Here are some helpful resources:
Grant Recommendation Form for Donor Advised Funds and Gift Accounts
Understanding your Fund Statement – Donor Advised Funds
Understanding your Fund Statement – Designated Funds
Understanding your Fund Statement – Field of Interest Funds
Understanding your Fund Statement – Gift Accounts
Understanding your Fund Statements – Scholarship Funds
Making the Most of Tax Deductions by Bunching Gifts in Donor Advised Funds
Considering the Advantages of a Gift of Securities
Giving Gifts of Grain
Giving Now/Giving Later Chart
Gift Form to Send with My Check
Learning about IRA Gifts
Join our Legacy Society
General Gift Acceptance Policy
Real Estate Gift Acceptance Policy
Life Insurance Gift Acceptance Policy
Creating A New Charitable Fund