YOP:
Missouri Youth Opportunity Tax credits are available to Unleashing Potential donors with a donation of $1,000 or more through March 31, 2025 or until the funds are exhausted. Upon making your donation, please contact Verletta Cole at vcole@upstl.org to receive a tax credit application.
CARES Act Provisions:
The CARES Act was passed and signed into law in March 2020. The following is a summary of the individual income tax provisions of the CARES Act that affect charitable giving for 2020.
- The act allows taxpayers who do not itemize deductions to deduct up to $300 for cash gifts to public charities (other than donor advisors funds of supporting organizations) made in 2020. The $300 limit per filing unit applies regardless of filing status (i.e., if you are married and filing jointly, your deduction is still limited to $300)
- Under prior law, the itemized deduction for contributions of cash to public charities was limited to 60% of adjusted gross income (AGI). For 2020, the Act increases the AGI limitations for cash contributions to public charities (other than donor advised funds of supporting organizations) to 100% of AGI.
- For 2020, the Act suspends the required minimum distribution (RMD) rules for Qualified Retirement Plan and IRAs. However, if you are age 70 ½, you can make a Qualified Charitable Distribution (QCD) by directing your IRA trustee to transfer funds directly from your IRA to a qualified charity and exclude the income from your AGI. The maximum annual amount that can be transferred and excluded under the QCD provision is $100,000. Even though the age for RMDs has recently been changed to age 72, the age to qualify for a QCD has remained at age 70 ½.
- Unleashing Potential is a qualified public charity for purposes of the above noted provisions. We hope you will take advantage of these tax benefits in 2020, our children and families appreciate your consideration of increasing your generous support during these challenging times.
We encourage individual donors to consult with their tax advisors regarding the benefits available for their individual Missouri tax situation.
Click here to make your 2023 contribution today.
Questions? Contact Verletta Cole, VP of Development, at 314-561-3337 or vcole@upstl.org.
Thank you for your continued support of our children and families.
