CARES Act Tax Benefits

Exploring your 2020 Charitable Giving Tax Options

Get the most out of giving.

Every year the Food Bank of Contra Costa and Solano touches countless lives because of supporters like you.

This year the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provides some important provisions related to charitable giving that apply to the 2020 tax year only.

Making a gift before the year ends can carry significant tax benefits for your family while serving our neighbors in need!

This covers some of the most important provisions related to charitable giving in the CARES Act, but we encourage you to share this with your professional advisors before considering a gift.

FOR INDIVIDUALS

If you itemize your deductions, you can deduct up to 100% of your Adjusted Gross Income (AGI) for gifts of cash in 2020.
This is an increase from 60% in 2019.
This benefit only applies to gifts given to public charities like the Food Bank, not to donor-advised funds or private foundations.

FOR THOSE WHO HAVE AN IRA AND HAVE A REQUIRED MINIMUM DISTRIBUTION DUE

The required minimum distribution has been waved for 2020, but donors may still direct up to $100,000 from their IRAs as a qualified charitable distribution.

FOR CORPORATE PHILANTHROPISTS

Corporations may claim gifts of cash to public charities like the Food Bank as a charitable income tax deduction of up to 25%.
This an increase from 10% in 2019.
This benefit does not apply to gifts given to donor advised funds or private foundations