Many donors and supporters are wondering how they can help CDR and the families we serve at this unprecedented time. Below are special provisions included in the CARES act that donors and supporters should know. If you have any questions about these provisions, please email Mary Jean Hurst, Director of Development, at email@example.com.
For 2020 and beyond, a $300 above‐the‐line deduction is allowed for taxpayers who elect not to itemize and who make cash contributions to public charities other than donor advised funds and supporting organizations.
• Qualifying cash contributions made by individuals in the year 2020 to public charities (other than donor advised funds and supporting organizations) are deductible up to 100% of AGI, reduced by the amount of contributions otherwise deductible under normal AGI limitation rules.
• Required minimum distributions (including 2019 RMD that an individual was eligible to defer until April 1, 2020) are waived for 2020 for certain retirement plans and for IRAs. Distributions already taken in 2020 to satisfy the RMD can be rolled over to an eligible retirement plan as long as it is done within 60 days of the distribution.
• The 10% early withdrawal penalty for up to $100,000 of distributions from certain retirement plans and IRAs is waived for qualifying coronavirus‐related distributions made during 2020.