Unique benefits to donors in 2020 under the CARES Act
Thanks to recently the passed legislation, additional tax deductions are now available to supporters of the Museum. Taxpayers who do not itemize may deduct charitable gifts up to $300 made in 2020. This one time opportunity benefits you, the taxpayer, and the Museum!
Another opportunity available to donors in 2020 is the temporary elimination of the cap on annual charitable giving. Usually, individuals can only deduct donations up to 60% of their AGI (adjusted gross income). This year, however, you can deduct donations to public charities up to 100% of your AGI. For corporations, their limit has been raised in 2020 to 25% of their taxable income rather than the normal 10%.
Also, the requirement to take an RMD (required minimum distribution) this year from your IRA was waived. Many of you may have used your RMD to make your charitable gifts (the charitable IRA rollover or Qualified Charitable Distribution) because of the excellent tax benefits. You can still give to the Museum that way and receive the favorable tax treatment, but you are just not required to take the RMD.
Thanks for your continued support!