New for 2020. The CARES Act.
The new CARES (Coronavirus Aid, Relief, and Economic Security) Act has ratified these changes that may affect charitable giving this year.
- New Deduction Available Even if you do not itemize, all taxpayers may deduct up to $300 in annual charitable cash contributions. It is an "above the line" adjustment to income that will reduce a donor's adjusted gross income, reducing taxable income.
- New Charitable Deduction Limits If you do itemize, individuals can elect to deduct donations up to 100% of their 2020 adjusted gross income (up from 60%). Corporations may deduct up to 25% of taxable income (up from 10%).
- Required Minimum Distributions from IRAs are Waived There will be no required minimum distributions for qualified retirement plans in 2020. However, if you are 70½ or older, you can still direct a gift from your IRA to a charity, such as HMML. To give from an IRA, simply contact your plan’s adviser to use their preferred form.
Discuss Gift Options
Katrina P. Schlude
Director of Advancement
Give a Gift by Mail
Hill Museum & Manuscript Library
2835 Abbey Plaza
P.O. Box 7300
Saint John’s University
Collegeville, MN 56321-7300 USA