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CARES ACT - Charitable GIving incentive
Charitable Giving Incentive: Includes a new above-the-line deduction (universal or non-itemizer deduction that applies to all taxpayers) for total charitable contributions of up to $300. The incentive applies to contributions made in 2020 and would be claimed on tax forms next year.
The bill also lifts the existing cap on annual contributions for those who itemize, raising it from 60 percent of adjusted gross income to 100 percent. For corporations, the bill raises the annual limit from 10 percent to 25 percent. Food donations from corporations would be available to 25 percent, up from the current 15 percent cap.
Tax-free Gifts
If you are 71 or over, you can make a tax-free gift to us from your traditional IRA. You won't pay income tax on the amount of your gift. Tell your traditional IRA administrator that you want to make a "qualified charitable distribution" to us and give him or her our federal tax ID, 43-1103761, and our legal name, Columbia Art League. The administrator will send your tax-free gift directly to us. It must be postmarked by December 31! Thank you very much!
Please note: We do not advise on personal income tax issues. Please consult your tax advisor for full information. Only your advisor can give you definitive advice based on your personal financial circumstances.
Smart Gifting Tips
CAL Board Member Emeritus Lon Brockmeier, a Raymond James financial advisor, shares smart gifting tips.
One way to support CAL programs is gifting us assets that have appreciated in value such as stocks, bonds, mutual funds or other securities. Here’s an example: a supporter donates 200 shares of stock valued at $10,000 to CAL by transferring her shares into our investment account. Assuming she purchased her stock years ago for $2,500, by donating the stock to CAL she not only avoids paying the capital gains tax on the $7,500 of appreciated value, she also reduces her taxable estate by $10,000 and additionally qualifies for a $10,000 income tax deduction for the full value of the appreciated stock!
Please note: to qualify as a donation of capital gains property, the security must have been held for more than one year. While donations of capital gains property are generally valued at fair market value at the time of the donation, the annual tax deduction for gifts of capital gains property to CAL are limited to 30 percent of one’s adjusted gross income.
As a tax exempt organization, CAL is then able to sell our supporter’s donated shares without having to pay capital gains taxes. Our supporter benefits in three ways, and your Columbia Art League benefits with increased funding for our programming to the community.
If you would like to investigate such a strategy to maximize the impact of your gift, please talk to us to explore your opportunities.
End-of-year Giving
Giving to your favorite non-profits is a great way to celebrate a successful year and thank them for the enrichment they've provided the community. CAL relies on these donations to support our adult and youth education initiatives, as well as our outreach efforts with other local organizations.
For the month of December, CAL participates in ComoGives. By donating to the Columbia Art League, you ensure that art will remain an integral part of the community for many years to come.
