charitable gifting incentives in the CARES Act
The $2.2 trillion emergency relief package enacted in March 2020 includes two incentives for taxpayers to make cash gifts to charitable organizations during calendar 2020.
These are an above-the-line deduction for up to $300 for nonitemizers and an "unlimited" deduction for itemizers, in each case only for outright cash gifts to 170(b)(1)(A) charities.
This fifty-minute webinar explores the nuances of each of these incentives and includes a discussion of how other recent changes in the tax law, increasing to age 72 the date at which a taxpayer must begin taking distributions from a defined contribution plan, allowing deductible contributions to an IRA beyond age 72, and killing the "stretch" IRA, may affect the so-called "charitable IRA rollover."
Note: pricing on this item is no longer "pay what you will," but it is still discounted through the end of the year, at which time the CARES Act incentives will expire.
Update 12 February 2021: the above-the-line deduction and the "unlimited" itemized deduction have both been extended through 2021. Other components of this webinar are out of date. We will be updating soon.