COVID-19 Donations

Universal Tax Break For Charitable Donations Included In Final COVID-19 Stimulus Package

Provisions or Overview

Section 2203. Temporary waiver of required minimum distribution rules for certain retirement plans and accounts The provision waives the required minimum distribution rules for certain defined contribution plans and IRAs for calendar year 2020. This provision provides relief to individuals who would otherwise be required to withdraw funds from such retirement accounts during the economic slowdown due to COVID-19.

Section 2204. Allowance of partial above the line deduction for charitable contributions The provision encourages Americans to contribute to churches and charitable organizations in 2020 by permitting them to deduct up to $300 of cash contributions, whether they itemize their deductions or not.

Section 2205. Modification of limitations on charitable contributions during 2020 The provision increases the limitations on deductions for charitable contributions by individuals who itemize, as well as corporations. For individuals, the 50-percent of adjusted gross income limitation is suspended for 2020. For corporations, the 10-percent limitation is increased to 25 percent of taxable income. This provision also increases the limitation on deductions for contributions of food inventory from 15 percent to 25 percent.

Tax Deduction

The Council on Aging of Elkhart County is a 501(c)(3) Not-for-Profit. Each donation is tax-exempt and goes directly toward supporting our mission of helping to provide a positive quality of life for seniors in our community.  We greatly appreciate your generosity and dedication to our organization's mission. Tax ID: 51-0178910