The 2020 CARES Act & Charitable Giving

What Church Health Friends Need to Know

In March, the Coronavirus Aid, Relief and Economic Security (CARES) Act was signed into law to help individuals and businesses address the financial impact of COVID-19. This law includes new opportunities for charitable giving in 2020.

For donors who itemize their tax deductions, the CARES Act suspends the normal adjusted gross income (AGI) limitation for 2020 only and allows donors to give up to 100% of their AGI, up from 60%.  Any contribution in excess of 100% AGI for 2020 can be carried forward for the next 5 tax years, subject to normal 60% AGI limitation.

In addition, for donors who use the standard deduction—the majority of taxpayers—the CARES Act offers a universal, “above the line” charitable deduction for up to $300 of cash contributions to charities beginning in 2020.  

The CARES Act also increased the deduction on corporate charitable giving from 10% to 25% of taxable income. 

You take such good care of Church Health, and Church Health is here to care for you, too. To learn more, contact Brian Meyers, Planned Giving Officer, at 901.701.2102. or 

Development Free Webinar Series

Our hosts, J. Eustis Corrigan, Jr., Jr., Senior Managing Director at CBIZ MHM, LLCPerry Green, CFO and Senior Wealth Strategist of Waddell & Associates and Dr. Scott Morris of Church Health, guide you through the CARES Act provisions including the $300/$600 “universal deduction” for non-itemizers and the 100% AGI provision for 2020 for those who itemize their income taxes. We demonstrate how these provisions work in practice beyond just their definitions, words and acronyms…and how they can work for you.

For more specific advice on the CARES Act please visit our Partners websites:

Click to Download Slides (PDF) from Webinar

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