What the CARES Act Means for Your Charitable Giving
Thank you for your continued support of Utah Physicians for a Healthy Environment. You’re probably aware that Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act on March 27, 2020. Included in this legislation were several provisions that may change your charitable donations this year. Please consider the following:
You can now deduct your gift to UPHE, even if you take the standard deduction. The CARES Act allows for up to $300 per taxpayer ($600 for a married couple) in an above-the-line deduction for charitable gifts made in 2020 and claimed on taxes in 2021. What this means is you can lower your income tax bill by giving to UPHE today, even if you take the standard deduction on your taxes. Please discuss with your accountant to learn more.
If you itemize deductions, there are new charitable deduction limits. The CARES Act increases the existing cap on charitable cash contributions for those who itemize, raising it from 60% of adjusted gross income to 100% in 2020. Please talk with your accountant to learn more.
If you’re planning to take a required minimum distribution (RMD) from your retirement account in 2020, The CARES Act waives all RMDs for individuals over the age of 70 ½ who own specified retirement accounts in 2020. However, for account owners who began taking their RMDs prior to 2020, you can still choose to send a qualified charitable distribution to UPHE and thereby decrease your tax burden. For more information, please discuss this with your retirement account administrator or accountant.
In addition, there is one particularly helpful way to support UPHE during this time:
By signing up for the monthly giving program it helps ensure that our fight to protect Utah’s air quality continues through these challenging times. We are also continuing the fight against the polluting port, working to stop migrant dust from gravel mines and so much more. Monthly giving of any amount is easy and secure, and provides UPHE with reliable, year-round funding. To sign up, or for more details, please refer to our monthly giving program. If you have any questions, please contact us at firstname.lastname@example.org or (385) 707-3677. Thank you for being part of the movement for clean air, clean energy and a clean future for all.
Utah Physicians for a Healthy Environment Tax ID# 80-0774496
UPHE Mailing Address: 423 W 800 S, Salt Lake City, UT 84101