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​IRS Encourages Taxpayers to Support Qualified Charitable Organizations

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      Please discuss potential tax savings implications with your tax professional and consider a one-time contribution or schedule regular monthly donations.  Taxpayers who itemize their deductions using Schedule A (Form 1040 or 1040SR) are allowed deductions for contributions to qualified charities such as Hidden Manna of up to 100% of their adjusted gross income as per the latest update to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) initially signed into law March 27, 2020.  For specific donations beyond the scope of the CARES Act, deductions by specific donors may be limited to a lower percentage of adjusted gross income.  Taxpayers who take the standard deduction (do not itemize) are allowed charitable deductions up to $300 per individual as an above-the-line benefit that is deducted from taxpayer income before calculation of adjusted gross income.

     Donations of publicly traded appreciated stock to qualified charities potentially eliminate capital gains tax liability by investors while enabling them to deduct fair market value of the stock.  Investors facing long-term capital gains taxes on appreciated stock they have held for more than one year receive much more favorable income tax benefits as compared to selling the stock and then donating cash.  Eligibility for a charitable deduction for a given tax year requires stock donations be received by the qualified charity by December 31.  Various assets take differing amounts of time to transfer so initiation of transactions should be done as early as possible. 

     Taxpayers who are over 72 years old can make qualified charitable distributions from a tax-deferred retirement account such as a traditional individual retirement account (IRA).  Tax-free distributions from a retirement account can be used to meet up to $100,000 of the required minimum distribution (withdrawal) on your retirement account - There is no tax deduction for the distribution but you do not have to include that distribution within your taxable income for the year.

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​     Please contact Hidden Manna with questions regarding tax savings implication of donations, or to request pick up and delivery of gently-used household items.  Please text pictures of items you would like to donate to 206.406.1090 or email to HiddenMannaFoodBank@gmail.com and we will then circulate to families who contact us with specific needs.  Our volunteers try to pick up and deliver donations on same day as we wait for someone to donate a permanent storage facility to Hidden Manna.

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