Dear Institute Donors and Friends.
Recent Tax Law Changes Create Opportunities for IRA Giving in 2020.
Under the recently enacted CARES Act, charitable deductions for cash gifts may offset up to 100% (up from 60%) of your adjusted gross income in 2020.
For individuals ages 59½ and older, this creates a unique opportunity for charitable giving from your Individual Retirement Account (IRA). You can withdraw money from your IRA to make cash charitable gifts in 2020 and may avoid having to pay taxes on the IRA distribution. This is because the new law allows you to use the charitable deduction(s) for your cash gift(s) to offset up to 100% of your 2020 adjusted income from income tax liability.
Here is a convenient summary of "New Tax Incentives for Donors in 2020." Questions? Please email Assistant Vice President for Gift Planning, call at (213) 740-6059, or visit this website. And thank you. The USC Institute of Armenian Studies relies on your support.
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