The CARES Act: Opportunities to Learn and Take Action (Free)
- Description
The $2.2 trillion relief package unveiled March 27 includes two significant tax incentives for making cash gifts to public charities:
- an "above-the-line" deduction for non-itemizers, and
- a suspension of the percentage deduction limits, which isn’t limited to contributions for disaster relief efforts.
The CARES Act also suspends — for one year — the government requirement to take minimum distributions from 401(k) plans and IRAs. This can affect decision making around qualified charitable distributions (QCDs), the so-called "charitable IRA rollover."