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Charitable Giving – What’s new!
Last year Congress changed IRA laws with the SECURE Act. Before the Act, taxpayers aged 70 ½ years or older had to take a required minimum distribution (RMD) from their IRA. Now the age is 72 years. However, taxpayers remain eligible to make qualified charitable distributions at 70 ½ years.
If you are faced with a RMD, consider a better use for the funds. Make a gift of your RMD (up to $100,000 this year) directly to Ronald McDonald House Charities Wichita. The transfer of your RMD must go directly from the IRA administrator to us.
CARES Act - $300 Deduction
The CARES Act was recently passed and includes a new deduction for charitable donors who do not itemize when filing their tax returns. If you do not itemize but make a gift to charity, you will be allowed to make a special tax deduction, up to $300, to reduce your tax liability.
CARES Act: 100% of AGI Limit Explained
Under the CARES Act, donors can get a Federal income tax deduction for charitable contributions of up to 100% of their Adjusted Gross Income (AGI) (previously the deduction was capped at 60% of annual income). If you make a gift you will be able to deduct more this year.
If you have any questions on how you can support our mission, please contact Susan Smythe, CEO at firstname.lastname@example.org or call 316-269-4182.
We have, and always will, continue to keep families' health and well-being at the forefront of everything we do, so they can focus on what is most important - the health of their children. As our re-opening plan advances, we will inform you of any updates as well as ways you can help!