The generosity of Rotarians has made it possible for TRF to fund 159 Disaster Response Grants and 101 global grants directly related to the COVID-19 pandemic. There are some temporary changes from the recently passed CARES Act, which might impact
Rotarians and their charitable planning:
- Required minimum distributions (RMD) for the 2020 tax year are optional.
- Itemizers can deduct up to 100% of their adjusted gross income for charitable gifts of cash in 2020.
- Non-itemizers can now deduct up to $300 in charitable giving.
Individuals age 70 1/2 and older can still make a qualified charitable distribution (QCD) from their IRA, which offers these important benefits:
- You pay no federal income taxes on the gift. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions.
- Your gift will be put to use immediately, allowing you to see the difference your donation is making.
Rotarians are encouraged to consult their financial or legal advisor to learn more about the CARES Act and how the legislation may enhance their charitable goals for the year.
Beth Garrow, is a regional Major Gift Officer with TRF is located in Carlsbad, California. She is glad to help Rotarians who want to make a significant difference with their giving. If you are interested in learning more, click on her name at the beginning of this paragraph to send her an e-mail.
Thanks to John Pennypacker for providing this information.