What The CARES Act Means for Your Charitable Giving to Youth180
We are incredibly thankful for your support of the work Youth180 does with our young people and their families. You may be 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 Youth180, 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. This means that you can lower your income tax bill by giving to Youth180 today, even if you take the standard deduction on your taxes. Please talk 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.
Were you 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 Youth180 and thereby decrease your tax burden. For more information, please talk with your retirement account administrator or accountant.
Learn more about the CARES Act and your charitable giving here.
There are are two ways to support Youth180 during this time:
Signing up for monthly giving ensures that we have the resources to serve our youth and families struggling in need of mental healthcare and substance use treatment through these challenging times. Monthly giving of any amount is easy and secure and provides Youth180 with reliable, year-round funding. To give, please visit our donation page today.
North Texas is coming together on May 5, 2020 for North Texas Giving Tuesday NOW. This emergency campaign will give our community the chance to help us meet the need for mental health and substance use services by providing critical funds. It is no secret that anxiety, depression, suicidality, substance use, child abuse and other unhealthy situations have drastically increased during the COVID-19 pandemic. As a result, many youth and their families are reaching out to us for clinical treatment. Please consider supporting us so nobody reaching out for help has their needs unmet. You can begin scheduling donations today on our #NTxGivingTuesdayNow page.