In response to the COVID-19 (corona) virus, the U.S. government has passed some new laws that might encourage you to donate to the Ukrainian Catholic Education Foundation. These will affect all our donors, both of larger and smaller amounts.
Some highlights of the $2 trillion relief act signed into law by President Trump on March 27:
Universal Charitable Tax Deduction—above the line
All tax filers, including those taking the standard deduction, can take a deduction of up to $300 for charitable gifts. This applies only to 2020 tax filings.
Lifting the income limit on charitable tax deduction for itemizers
For this year only, there is no limit on the amount of charitable contributions that can be deducted income (ordinarily the limit is 60% of Adjusted Gross Income).
Temporary waiver of Required Minimum Distribution from retirement accounts.
The CARES Act waives the RMD rule for 2020, so this particular incentive to give is not available this year. That said, keep in mind that RMDs are averaged over a five-year period. So, while the requirement does not apply in 2020, giving this year will relieve the required distribution next year (and in subsequent years).
Special thanks to philanthropydaily.com for the information.