We would like to bring to your attention new tax incentives for charitable giving included in the recently enacted “CARES Act.” Here is a short summary. You will find more details here: The CARES Act

• You may deduct gifts of cash to most public charities to offset as much as 100% of your income! For the 2020 tax year only, you may deduct cash contributions to Presbyterian SeniorCare Foundation to offset up to 100% of your income. Ordinarily, the income tax charitable deduction for cash gifts is limited to 60%. If you are even more generous you can carry forward unused cash contribution deductions for up to five years. 
• If you don’t itemize you may reduce your taxable income by $300 for your charitable contributions in 2020. If you do not itemize your deductions in 2020, you can still reduce your taxable income by up to $300 for contributions of cash to public charities using an “above the line” adjustment to reduce your taxable income even if you don’t itemize. 
• Required minimum distributions from retirement plans are waived for 2020. Most required minimum distributions from retirement plans have been eliminated for 2020. Check with your financial advisor to see how this temporary rule will apply to you.  
• Qualified charitable distributions are still a great way to make contributions. If you are 70½ or older, a qualified charitable distribution (“QCD” or “IRA charitable rollover”) allows you to make a tax-free gift of up to $100,000 to  Presbyterian SeniorCare Foundation from your IRA. 

We know that your top priority is the health and financial well-being of your family and loved ones. When you are ready, for more information contact Nancy Hart, Director, Planned Giving.