Make an investment in the fight against diabetes and create a lasting legacy at Joslin
The power of a planned gift is significant. Making a planned gift to Joslin Diabetes Center can give you the satisfaction of knowing your legacy will support generations of individuals living with diabetes. Through planned giving, you are building two legacies – one for your family and another for Joslin, solidifying our future of helping patients and advancing our work toward a cure. When you make Joslin part of your estate plan, you leave a lasting impact.
How the CARES Act May Affect Gift Planning in 2020
The Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, was passed by Congress and signed into law on March 27, 2020. The CARES Act, combined with other recent legislation, presents special and advantageous opportunities for charitable giving. Below are some of the ways the CARES Act may impact your charitable giving.
For more information about how the CARES Act may impact your specific financial situation, please consult with your advisor. To contact Joslin’s Planned Giving Advisor, Tom Giddens, call 617-309-2412 or email thomas.giddens [at] joslin.harvard.edu.
Under the CARES Act, taxpayers who do not itemize their deductions will be able to claim a charitable deduction of up to $300 for cash donations made in 2020. This deduction applies only to qualified cash contributions and does not apply to cash contributions made to donor-advised funds or supporting organizations. It also does not apply to carryover contributions.
The new law temporarily suspends the requirements for required minimum distributions for the 2020 tax year. Despite the suspension, the CARES Act did not change the rules around the Qualified Charitable Deduction, which allows individuals over 70 ½ years of age to donate up to $100,000 in IRA assets directly to charity annually, without taking the distribution as taxable income.
Donors who made a large cash gift in 2019 could deduct it only to the extent of 60% of adjusted gross income. This year, the CARES Act allows donors to deduct it to the extent of their entire adjusted gross income. Individual taxpayers, who contribute cash to a public charity, or a limited number of private foundations, may deduct up to 100% of their adjusted gross income after taking into account other contributions subject to charitable contribution limitations. Individual taxpayers can continue to carry forward any excess charitable contributions for up to five years.
The contribution limit for corporations has been 10% of taxable income. For 2020, that limit has been raised to 25% for cash contributions.