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Home - Development News - Important Tax Changes for 2020

Important Tax Changes for 2020

June 24, 2020

The advent of the coronavirus pandemic ushered in a slew of changes in the way we live, work and interact with one another. It also impacted our economy in a number of ways.

Because of the effects of the pandemic, the government has recently enacted the Coronavirus Aid, Relief and Economic Security, or CARES, Act. This new act gives a nod to the important role of nonprofit organizations like OMRF during the pandemic. The new rules associated with the CARES act provide tax benefits to taxpayers who choose to give to those nonprofits.

Here are a few key points about the CARES act:

A $300 tax deduction for non-itemizers
Under the bill, taxpayers will qualify for up to $300 in annual charitable contributions. For those who choose not to itemize, this will be especially helpful come tax time. This figure is calculated by subtracting the amount of your donation from your gross income. This will reduce your adjusted gross income and, as a result, also reduce the amount of tax you must pay.

Itemizers also reap benefits
If you itemize, you may be able to deduct cash contributions to qualified charities like OMRF—up to 100 percent of your adjusted gross income for 2020. Normally, that deduction is limited to 60 percent of your income, but this 100-percent limit may reduce your federal income tax for 2020 to as low as zero. Please note, those deductions cannot exceed 100 percent of your income. But you may be able to carry unused charitable deductions forward beyond 2020.

No Required Minimum Distribution (RMD) for 2020
For the year 2020 only, no mandatory Required Minimum Distributions (RMDs) from retirement accounts will be required, regardless of the owner’s age. The minimum age for making this tax-free transfer from an IRA to a charity remains at 72. The annual limit will continue at $100,000.

Don’t forget Qualified Charitable Distributions
If you are 72 or older, you can still receive tax relief by using your IRA for gift-giving to a charity like OMRF. One of the easiest ways is to make a Qualified Charitable Distribution (QCD) from your IRA. This way, funds transfer directly from your IRA to OMRF and immediately begin supporting lifesaving medical research. Even if you don’t itemize deductions, you can benefit from a QCD.

New corporate giving changes
Under the CARES Act, the cash contribution limit for corporations has increased from 10 percent to 25 percent in 2020. You will be able to deduct contributions in excess of 25 percent for up to five years under the usual limits.

Read a summary of the CARES Act here. To read the full text, go here.
For additional information, please contact Sonny Wilkinson at sonny-wilkinson@omrf.org or (405) 503-8783.

Filed Under: Development News

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