IRA Giving in 2020
2020 could be your best year to make an IRA gift to your charity or church. If you hold a large amount in your IRA and your financial advisor has mentioned that your IRA is a great source of funds for your charitable gifts, then now is the time to talk with your accountant and financial advisor about gifting with your IRA in 2020.
The CARES Act has opened up an additional 40% of AGI for tax advantaged giving, totaling 100% of AGI in the 2020 tax year. This can be achieved through appreciated assets, cash, and an IRA charitable rollover. Some of that giving can be accomplished through a Donor Advised Fund*, some through a Single Identified Organization**, and some with cash gifts or to charities directly only.
Talk with our team and your advisor to make 2020 a smart giving year for you.
For a deeper dive, check out this article: https://www.kiplinger.com/slideshow/taxes/T054-S001-cares-act-expands-charitable-giving-tax-deductions/index.html
*Learn more about the NCF Giving Fund (donor advised fund).
**Learn more about IRA Contributions and a Designated Fund (single identified organization).