The CARES (Coronavirus Aid, Relief, and Economic Security) Act is designed to help you, businesses, and nonprofits facing economic hardship during the coronavirus pandemic.
Here are a few key provisions of the CARES Act that may affect you and your charitable goals:
New Tax Incentives
The new law allows all taxpayers to take a charitable deduction of up to $300, even if you do not itemize. You might think that this is a small amount and would not make a difference. But what if all of our donors gave “just” $300? Such support would have a huge impact in uniting, inspiring and engaging our community through the arts.
For those who do itemize their deductions, the new law allows for cash contributions to qualified charities like NOMA to be deducted up to 100% of your adjusted gross income for the 2020 calendar year.
Required Minimum Distribution Suspended
The new law temporarily suspends the requirements for required minimum distributions (RMD) for the 2020 tax year. This probably comes as a relief to many who would have had to withdraw a greater percentage of your retirement accounts. Many of our donors use their RMD to make a gift from their IRA. If you are 70½ or older, you can still make a gift from your IRA or name NOMA as a beneficiary.
We are so grateful for the support of our members and community during this challenging time. Please contact Jenni Daniel at firstname.lastname@example.org or 504.658.4107 to discuss how your gift can help further NOMA’s mission.