![]() As always, donors should consult with their tax and legal advisors when considering making a charitable gift. The contents of the article are for general informational purposes only, and should not be relied acted upon without specific professional legal or financial advice, based upon an individual’s situation. If you have any questions or would like additional information, please contact Deborah Rothstein, Vice President for Development at or 86.ĭISCLAIMER: The information provided herein does not, and is not intended to, constitute personalized financial or legal advice. The temporary deduction for charitable cash contributions for taxpayers who do not itemize their tax returns has expired and is no longer available. We hope this summary of the CARES Act’s key provisions is helpful, and that it can serve as a starting point for conversations about how we can help you make the most of your charitable giving. This temporary easing will potentially help retirement accounts recover from steep stock market losses in the first quarter.įor a more detailed description of the CARES Act, please click here. The CARES Act waives the requirement for IRA owners to take RMDs in 2020. Typically, an IRA owner is required to take required minimum distributions (RMD) from a retirement account when that owner reaches a certain age (either 70 ½ or 72 years of age).
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