As we head into 2021 (and beyond), we ask you to help us finish this year strong by making an end-of-year financial gift to FPCY. In this unprecedented year, the government offers unique benefits to charitable giving. See below for details.
THE CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY (CARES) ACT offers new opportunities to maximize the benefits of your charitable giving, but only in 2020.
- Higher charitable deduction limits for cash gifts in the tax year 2020. Donors who itemize may claim a charitable deduction for up to 100% of their adjusted gross income (AGI) for cash gifts.
- A suspension of the Required Minimum Distribution (RMD) from individual retirement accounts. Individuals over age 72 do not need to take an RMD in 2020
- Continued opportunity for individuals age 70 1/2 or older to make a qualified charitable distribution (QCD). Donors may give as much as $100,000 directly from an IRA plan to a qualified charity.
- A new tax benefit for non-itemizers. Donors who do not itemize may take a one-time adjustment to income of $300 for cash gifts.
In addition, consider the benefits of making gifts of appreciated property or appreciated securities—such as stocks, bonds, or mutual funds that have increased in value over time—as another tax-efficient way to give. Please talk with your advisors to see what works best for you.
You can make a donation by mailing a check to the church, dropping it off during our “December Giving Drive-By” on December 20, or online at www.fpcyorktown.org/giving. Tax deductible gifts for 2020 must be postmarked and/or given before 12/31/20.