The CARES (Coronavirus Aid, Relief, and Economic Security) Act offers a new impact on your taxes from donations this year. The new law temporarily suspends the requirements for required minimum distributions for the 2021 tax year, which provides relief to many who would have had to withdraw a greater percentage
of their retirement accounts.
Many of our donors use their IRA distribution to make a gift. If you are 70½ or older, you can still make a gift from your IRA or name Hospice of the Red River Valley as a beneficiary.
In addition, there are some new ways you can receive financial benefits while supporting our mission:
- If you do not itemize on your taxes, you can include $300 in charitable contributions as an above-the-line deduction on your 2021 taxes, $600 for a married couple filing a joint return. This means you don’t have to itemize other items to claim this deduction. (Section 2204 of the CARES Act)
- If you itemize on your taxes, the cap for giving has been adjusted. The new law allows for cash contributions to qualified charities, like Hospice of the Red River Valley, to be deducted up to 100% of your adjusted gross income for the 2021 calendar year. (Section 2205 of the CARES Act)
Hospice of the Red River Valley is a shining light in these challenging times. We are so grateful for your generosity, which touches—and changes—hundreds of lives right here in our local region.