As you consider your charitable giving for the year ahead, it may be helpful to have the latest information about the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The charitable income tax benefits that applied to contributions made in 2020 and 2021 have not been extended for a third year.
The $300 ($600 for married couples filing jointly) above-the line charitable deductions for single filers who do not itemize deductions and make a qualified cash contribution to a public charity expired as of December 31, 2021.
In addition, the charitable contribution deduction limit for a gift of cash to a public charity is now back to 60 percent of one’s adjusted gross income as the 100 percent limit expired as of December 31, 2021.
Finally, the required minimum distribution from most retirement plans has been back since 2021, after a brief hiatus in 2020.
Please note that the above applies to federal taxes only; state law may vary. For more information about how the extension of these CARES Act provisions may impact your specific financial situation, please consult with your tax, legal, or financial advisor(s). To speak directly with a member of the Office of Planned Giving, please contact firstname.lastname@example.org or (650) 725-4358.