TAX BENEFITS FOR GIFTS MADE IN 2020
Don’t forget gifts made through December 31 are eligible for the tax benefits outlined in the Coronavirus Aid, Relief, and Economic Security (CARES) Act! As always, please seek advice from a tax advisor to discuss the best strategies for your personal circumstances.
- The CARES act allows all taxpayers to take a charitable deduction of up to $300, even if you do not itemize while still claiming the standard deduction.
- If you itemize, the new law allows for cash gifts to be deducted up to 100% of your adjusted gross income (up from 60%)
- The CARES act temporarily suspends the requirement for minimum contributions to the 2020 tax year. However, if you are 70 ½ or older, you can still make a gift from your IRA or name Miriam as a beneficiary.