We're Making News

Friends of Yad Sarah Blog

By accepting you will be accessing a service provided by a third-party external to https://www.friendsofyadsarah.org/

1 minute reading time (204 words)

Important Tax and Charitable Planning Updates: CARES Act and SECURE Act – 2020


CARES ACT of 2020: Special Opportunities for Charitable Planning in 2020 

  • For those who use the standard deduction, an above-the-line reduction of income for gifts to charity up to $300.00 ($600.00 if filing jointly). 
  • For those who intend to itemize deductions, an unlimited deduction of cash gifts to charity up to 100% of Adjusted Gross Income (AGI). Prior law limited deducting cash gifts to charity to not more than 60% of AGI (with carryovers). 
  • Contributions in 2020 to establish charitable gift annuities or to fund charitable remainder trusts will be eligible for deduction up to 100% of AGI for itemizers. 
SECURE ACT of 2020: Dealing with the New Retirement Account 10-year Distribution Rules​
  • Inherited retirement account distributions must now be taken within 10 years. Can no longer stretch out the withdrawals and required tax payments on each distribution over the beneficiary's life expectancy.
  • For those who wish to leave retirement plan assets to children, a charitable remainder trust ought to be considered. The IRA/401(k) assets would be transferred to the trust after the owner's lifetime. Annual lifetime annuity amounts will be made payable to beneficiaries at a qualified fixed lifetime/s rate. Payments will be taxed to the beneficiaries annually.Some of the annual payments may be tax-preferred. 
Yad Sarah's Pandemic Work
Hope for Israel During Coronavirus

About Us

Yad Sarah is Israel’s largest volunteer-staffed organization, providing a wide array of compassionate health and home care services for people of all ages, with special programs directed at support for older adults and for children and adults with disabilities.

Read More

View Our Profile

GuideStar revolutionizes philanthropy by providing information that advances transparency so donors can make better decisions.

Our Profile in Guidestar:

Support Us

Your gift will help provide a vital array of compassionate health and home care services for people of all ages in Israel!

Donate Now

Contact Us

Friends of Yad Sarah, Inc.
445 Park Avenue, Suite 1702
New York, NY 10022 USA
212.223.7758, 866.YAD.SARAH
US Tax Exemption # EIN 13-3106175
Don't have an account yet? Register Now!

Sign in to your account