The new CARES (Coronavirus Aid, Relief, and Economic Security) Act is designed to help you, businesses and nonprofits facing economic hardship during the coronavirus pandemic.
Here are a few key provisions of the CARES Act that may affect you and your charitable goals:
This year, your gift to GVSU of up to $300, or for a couple $600, in 2020 is eligible for a Federal Income Tax deduction whether or not you itemize deductions or take the standard deductions.
- Required Minimum Distributions Suspended:
The new law temporarily suspends the requirements for required minimum distributions (RMDs) for the 2020 tax year. Many of our donors use their RMD to make a gift from their IRA. Despite the RMD suspension, remember that if you are 70½ or older, you can still make a gift from your IRA or name GVSU as a beneficiary.