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
Read more about the CARES Act and charitable tax information by following this link to the IRS website.