The AMA Foundation thanks each and every one of our donors for their continued support of AMA programs. We have compiled some information that might be helpful. This information is provided by Independent Sector, and provides important information on how the Coronavirus Aid, Relief and Economic Security (CARES) Act provides incentives for charitable giving.
- Donors may be eligible for a $300 universal charitable deduction: Permits individuals to deduct up to $300 of cash contributions to most charities in 2020 for those who do not itemize their deductions.
- New changes on limitations for charitable giving: Suspends the limitation on deductions for cash contributions to most charities for individuals who itemize. Increases the limitation on deductions for similar contributions by corporations from 10% to 25% of taxable income. Also increases the limitation on deductions from 15% to 25% for contributions of food inventory.
- The CARES Act temporarily waves required minimum distributions (RMDs) for all types of retirement plans for the year 2020.
The AMA Foundation encourages you to speak with your financial advisor on these updates. Things are evolving and changing every day, so please continue to monitor our website and others for important information.
Thank you for your patience and cooperation while we do our part to address COVID-19. The safety of our staff, members, and community are AMA’s top priority. Together we can work to slow the spread of COVID-19 and eventually life will return to normal. Please check our website /amafoundation/covid-19-update/ for more information.