2020 CARES Act and Giving Information
2020 CARES Act Information
As we approach the end of 2020, we want to make sure you are aware of some advantageous provisions put into place through the 2020 CARES Act. These provisions are set to expire on December 31 and may impact your charitable giving:
- This legislation allows for all donors to take up to a $300 charitable tax deduction even if you do not itemize deductions.
- For donors who do itemize their deductions, the provisions allows for cash contributions to charitable organizations such as DeMatha to be deducted up to 100% of your adjusted gross income for the year.
- If you own assets that have increased in value, such as stocks, your savings could be even greater if you donate them to DeMatha. Most long-term capital-gain property continues to be deductible at the full fair market value. More information about gifts of stock to DeMatha can be found here.
- While the required minimum distribution from retirement plans such as IRAs can be delayed until 2021, donors age 70 1/2 can still donate up to $100,000 directly to a charitable organization from an IRA without realizing it as taxable income.
To learn more about how the CARES Act impacts your own personal financial situation, please contact your professional tax and financial advisor(s). Please note that this reminder of the provisions of the CARES Act should not be considered tax advice.
Thank you for considering DeMatha Catholic High School when thinking about your year-end charitable donations. Your generosity helps to advance the mission of DeMatha and make a Stag education accessible. To make a gift to the Fund for St. John's, please visit our Online Giving page.
If you have questions about the CARES Act or the Fund for DeMatha, please contact Thomas Ponton '78, Executive Director of Advancement at email@example.com or (240) 764- 2222.