What the CARES Act relief bill means for you and Adventist Education
We’ve been learning more and more about the CARES Act (Coronavirus Aid, Relief, and Economic Security Act).
The Act includes one provision you might consider in order to support Adventist education, whether it be PAA or one of our sister schools – a tax deduction for making charitable contributions.
The CARES Act supports charitable giving in two ways:
A new deduction of up to $300 is available, even if you take the standard deduction. This is only for those who do not itemize their tax deductions. And only contributions to qualified charitable organizations (not to a donor-advised fund). Any contributions you have made already this year count toward the $300 limit.
For those who itemize deductions, the limit on charitable deductions has changed substantially, up to 100 percent of your giving against your 2020 adjusted gross income. Previously the limit was 60 percent. Again, this provision is only for cash gifts to qualified charities, not to donor-advised funds or to an individual’s private foundation.
The information offered here is not be construed as legal advice.
Please consult your tax advisor about your particular situation.
The New York Times has published the “FAQ on Stimulus Checks, Unemployment and the Coronavirus Plan.” Review the Charitable Contributions section for more information about giving to charities HERE. The FAQ also addresses changes that allow one to temporarily not take the required minimum distribution (RMD) from retirement accounts.
Forbes Magazine has published an article, “CARES Act Drastically Changes Required Minimum Distribution Rules For 2020,” that dives deeper into what the bill means for RMDs. Read it HERE.
To support PAA with a gift, you may make your gift on the PAA website HERE, or contact the Development Office at 503-255-8372 x218 or svigil@paasda.org.
A downloadable PDF with this information is available HERE.
Comments