Resilience Fund: CARES Act

The Coronavirus Aid, Relief, and Economic Security (CARES) Act includes provisions that encourage charitable gifts and change some of the rules for retirement plans. These provisions apply through December 31, 2020.

Here are the basics:

• Prior to the CARES Act, those who used the standard deduction could not deduct any charitable giving.

• For those who itemize their taxes (which accounts for nearly all taxpayers with an income of $200,000+), the CARES Act significantly raises the amount of charitable giving deductible from 60% of the filer’s adjusted gross income (AGI) to 100% of AGI for the 2020 tax year only.

• Required Minimum Distributions from IRAs and 401(k) plans (at age 72) are suspended for tax year 2020.

Gifts to donor-advised funds and private foundations do not qualify under this provision.

For more information, please contact:

Dawn Fleming
Director of Donor Relations and Planned Giving
203-232-0444
dfleming@holyfamilyretreat.org