CARES Act - Important Information
The CARES Act (2020) provided a few key provisions for your charitable goals:
Required minimum distributions (RMD) are temporarily suspended for the 2020 tax year. But, if you are 70 ½ or older, you can still make a tax-free gift to the NFA Foundation, Inc. from your IRA and see your gift put to use immediately
An available charitable deduction of up to $300 per tax-filing unit if you take the standard deduction
Cash contributions to qualified charities like the NFA Foundation can be deducted up to 100% of your adjusted gross income for the 2020 calendar year for those who itemize.