The CARES Act & Charitable Giving

The new CARES (Coronavirus Aid, Relief, and Economic Security) Act, designed to help you, businesses and non-profit organizations facing economic hardship during the coronavirus pandemic, was passed by Congress and signed into law on March 27, 2020.

Here are a few charitable giving provisions included in the CARES Act that may assist you with your philanthropic goals:

New Charitable Deduction for Non-Itemizers

Increased Deduction Limits

 RMD (Required Minimum Distributions) suspensions:

Without generating taxable income or a tax deduction, an IRA transfer will provide benefits even without itemizing your deductions. Additionally, a contribution from your IRA can reduce your annual income level as the gift does not count as income. This reduction in annual income may reduce the amount of Social Security that is subject to tax and possibly lower any Medicare premiums. Also, your gift will benefit The Charlottesville Symphony today, when it is needed most.

We sincerely thank you for your commitment to the Charlottesville Symphony. Now more than ever, you play a role in our future. Please visit our “WAYS TO GIVE” page to make a contribution digitally, or contact our Director of Development at rnm4a@virginia.edu or 434-243-2513 to discuss your support of the Charlottesville Symphony.

The information above is provided for illustrative purposes only and is not intended as legal or tax advice. Please consult your tax advisor or attorney, as individual state tax laws and future changes in the federal tax law may impact your outcome.