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CARES Act and Charitable Giving

The CARES Act and Charitable Giving

Now more than ever, the Oley Foundation is needed to the meet the needs of the home IV nutrition and tube feeding community. We are grateful for your support during these unprecedented times.

 

Some provisions of the recently enacted Coronavirus Aid, Relief, and Economic Security Act (CARES Act) aim to  facilitate charitable giving to nonprofits such as the Oley Foundation. To help you make informed decisions, we've outlined key provisions below. Note: this information is to raise your awareness only. We encourage you to consult your professional tax advisor before making any changes in your giving.

  • All individual taxpayers who don’t itemize can deduct charitable contributions up to $300 from their 2020 taxes. This means you can reduce your taxable income up to $300 on your 2020 taxes.
  • The adjusted gross income (AGI) has been waived for 2020, allowing those who itemize to deduct contributions up to 100% of AGI. And any unused contribution deductions on your 2020 taxes can be carried forward up to five years.
  • Qualifying C-Corporations can deduct up to 25% of their charitable contributions. Ordinarily, C-Corporations can only deduct up to 10% of their charitable contributions but for 2020, these qualifying companies can deduct up to 25% of their giving.
  • Required minimum distributions from an IRA for 2020 have been waived. However, if you are 70 ½ or older, you can still make a qualified charitable distribution up to $100,000 from your IRA to a public charity such as The ALS Association. A qualified charitable distribution would normally help satisfy your required minimum distribution but even though this is waived for 2020, it may still be an excellent way to give, especially if you do not itemize.

Thank you for continuing to support Oley programs during this challenging times!



 

updated 5/7/20

more Calendar

11/14/2020
Oley Foundation Mini Meeting (Consumer/Caregiver/Clinician)

11/14/2020
Oley Foundation Virtual Mini Meeting (Industry)

This website is an educational resource. It is not intended to provide medical advice or recommend a course of treatment. You should discuss all issues, ideas, suggestions, etc. with your clinician prior to use. Clinicians in a relevant field have reviewed the medical information; however, the Oley Foundation does not guarantee the accuracy of the information presented, and is not liable if information is incorrect or incomplete. If you have questions please contact Oley staff.

 

Updated in 2015 with a generous grant from Shire, Inc. 

 

This website was updated in 2015 with a generous grant from Shire, Inc. This website is an educational resource. It is not intended to provide medical advice or recommend a course of treatment. You should discuss all issues, ideas, suggestions, etc. with your clinician prior to use. Clinicians in a relevant field have reviewed the medical information; however, the Oley Foundation does not guarantee the accuracy of the information presented, and is not liable if information is incorrect or incomplete. If you have questions please contact Oley staff.
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