By Sydney Weydemeyer, Operations Manager

2020 has sure been a year for the books. The staff and Board of the Blackfoot Challenge feel so fortunate to have kept our boots on the ground serving the community despite Covid-19. We know we can’t do this good work without you, so THANK YOU for the sweat, time, and support you continue to give to this organization!

As December 31 approaches we wanted to share new charitable giving incentives for 2020, included in the CARES Act Covid-19 relief funding. These changes are only for 2020, so if you are in a position to give, now is the time to double down.

Please remember that the Challenge’s specialty is collaborative conservation, not tax law. If you have specific questions, please find help from a certified financial advisor or accountant.

CARES Act Incentives for Charitable Giving

  1. $300 Above-the-line Charitable Deduction- In 2020, folks who do not itemize can take an above-the-line deduction of $300 for all charitable gifts. Applies to cash gifts only.
  2. Up to 100% of Adjusted Gross Income (AGI) is Deductible- For folks who itemize their deductions, the CARES Act allows for 100% of AGI to be deducted in 2020. Typically, only 60% of AGI is deductible. Applies to cash gifts only.
  3. Required Minimum Distributions (RMDs) from IRAS are suspended- The CARES act removed the required minimum distribution requirement for IRA’s in 2020 only. However, folks can still use the Qualified Charitable Deduction to make a gift to a nonprofit- another easy way to support the Blackfoot Challenge!

This article from the Community Foundation of Western Nevada has more details about these deductions (scroll to the bottom).

Thank you so much for considering a gift to the Blackfoot Challenge this year. Your support means the world to our watershed, and every little bit counts!

Thanks to the Community Foundation of Western Nevada and Claire Axelrad/Clarification for providing information for this blog post.