2020 Donations to the Friends

YOUR DONATION TO THE FRIENDS MAY BE TAX DEDUCTIBLE

Many individuals 70 1/2 years old or older may donate up to $100,000 each year to charitable organizations directly from their IRA, without that donation being counted as taxable income when it is withdrawn, whether or not they itemize their tax deductions.

In March, lawmakers approved the CARES Act, which allows some Americans to deduct up to $300 in charitable donations from their taxable income when they file their 2020 tax returns in 2021, whether or not they itemize their tax deductions.

If you wish to claim your donation to the Friends as a tax deduction, you should consult your tax, legal, and/or accounting advisors beforehand.


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