To encourage more charitable giving in 2020, the recently enacted of the CARES Act provides some additional tax relief for donors, which makes it easier to give and receive a tax advantage.
New Tax Incentives may allow you to deduct your contribution to the Conservatory
The CARES Act allows taxpayers to take a charitable deduction of up to $300 ($600 for married couples) for those who take the standard deduction. For those who do itemize their deductions, the new law allows for cash contributions to qualified charities, such as the Garfield Park Conservatory Alliance, to be deducted up to 100% of your adjusted gross income for the 2020 calendar year.
Consider a gift from your IRA – Required Minimum Distributions Suspended
The CARES Act also temporarily suspends the requirements for required minimum distributions (RMD) for the 2020 tax year. The transfer of a gift from your IRA generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions. Another benefit, since the gift doesn’t count as income, it can reduce your annual income level. This may help lower your Medicare premiums and decrease the amount of Social Security that is subject to tax.
If you have questions on how to get started or have already included the Conservatory in your estate plan, please contact Barbara Carney, Director of Development, at 773-638-1766 x 33 or bcarney@garfieldpark.org. We look forward to discussing how your gift can help ensure the future of the Garfield Park Conservatory.
The Conservatory is a responsible and reliable steward of your contributed resources. Our audited financials and 990 reports are public documents and available for your review (links). The Garfield Park Conservatory Alliance files an annual report with the Illinois Attorney General’s office (link). The Garfield Park Conservatory Alliance is governed by a volunteer board of directors (link) who guide and work to ensure the continued vibrancy and vitality of this unique and extraordinary cultural resource.
Please consult your financial advisor and consider how you can achieve your personal and financial goals through a gift to the Garfield Park Conservatory. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor.