We mentioned at our January 2021 annual meeting that we would advise members of possible new CARES ACT tax deductible donation opportunities in 2021.
On December 27, 2020, another stimulus package was signed into law to help combat the far-reaching impacts of COVID-19. In many ways, this bill extends the charitable tax incentives enacted by the Coronavirus Aid, Relief and Economic Security (CARES) Act back in March 2020, but it also provides some additional provisions.
Are you itemizing deductions?
The adjusted gross income (AGI) limit for cash contributions to qualifying public charities remains increased for individual donors. For cash contributions made in 2021, you can elect to deduct up to 100 percent of your AGI (formerly 60 percent prior to the CARES Act).
The CARES Act allowed for an additional, “above-the-line” deduction for charitable gifts made in cash of up to $300. This provision is extended into 2021 for taxpayers filing single/separately.
New in 2021 is an additional “above-the-line” deduction for those married filing jointly. Joint filers (who aren’t itemizing) will be allowed to take an above-the-line deduction of up to $600 in cash contributions to charity this year.
NOTE: Your Columbia River MOAA Foundation (CRMF) is a qualified 501(c)3 public non profit charity, so donations to the CRMF qualify for the “above the line” deductions mentioned above. These donations reduce your AGI on the front side of your IRS Form 1040 thereby lowering your taxes. A WIN-WIN for YOU and the CRMF! We recommend consulting your tax advisor regarding your particular situation.
Some Regular & Some Unique Ways to Donate
by Dave Casteel, CRMF President (e-mail CRMFpresident@comcast.net)
Updated October 31, 2020
There are many ways to make donations to the CRMF, some are common, well known and used, and some perhaps less known. Some are only available this tax year. This list is not meant to be all inclusive as there might be other ways to donate.
- Cash (or check). Probably the most widely used method.
- Linking your Fred Meyer Rewards Card to the CRMF (see below)
- Linking your Smile.Amazon.com account to the CRMF (see below)
- Using a Qualified Charitable Distribution (QCD) from your IRA as part of your RMD. Benefit: QCD’s reduce the AGI on the front of your IRS Form 1040 by the amount of your QCD.
- 2020 Only: CARES Act allows donors to receive an above the line charitable cash contribution credit up to $300 for donations to 501(c)3 charities (of which the CRMF is one) only if they do NOT itemize. This effectively reduces a taxpayer’s AGI.
- 2020 Only: The CARES Act allows taxpayers WHO ITEMIZE their deductions to deduct contributions up to 100% of their AGI thus offering the ability to wipe out their tax liability entirely.
- Donating appreciated securities held at least one year directly to the CRMF. We now have a Vanguard CRMF Brokerage Account. This means donors avoid paying capital gains on the value of these shares. Both the donor and the charity benefit if securities are held long term. Contact me for account number and details if you are interested.
- Leaving a bequest. This is as simple as listing the Columbia River MOAA Foundation (CRMF) in a person’s will as a charitable beneficiary. It is also helpful to list our EIN (47-4776049).
Shop and Donate to the Columbia River MOAA Foundation (CRMF) or Make a QCD from your RMD
If you want to make a tax deductible donation to our Support The Troops or Scholarship funds you should make your donations payable to “Columbia River MOAA Foundation” or “CRMF.” Note, if tax deductibility is not a concern for you, you may still lump your donations with your dues and our chapter treasurer will forward them to the CRMF treasurer. Please indicate which fund you desire your donation to go towards. Either way, 100% of your donations will go to the Support The Troops or Scholarship Funds.
You can make donations to the CRMF at any Chapter Business Meeting or by mailing your donation to the chapter mail address (P.O. Box 1872, Vancouver, WA 98668) . Questions about stock donations or bequests should be directed to the CRMF President (contact info on website and newsletter).
Our Federal EIN is 47-4776049. Our Washington State UBI is 603-536-781. We are incorporated with the Washington Secretary of State and Department of Charities. Our Washington Charitable registration number is 37632.
You can also donate EVERY TIME you shop Amazon simply by using SMILE.AMAZON.com instead of Prime. See easy instructions in link below:
You can also donate through your IRA if you are taking distributions (e.g.,RMD) AND REDUCE YOUR ADJUSTABLE GROSS INCOME BY THE AMOUNT OF YOUR QUALIFIED CHARITABLE DISTRIBUTION AT THE SAME TIME! Easy to follow instructions are in the link below:
We are also working on setting up an account that will allow you to DONATE APPRECIATED SECURITIES DIRECTLY TO US and AVOID PAYING CAPITAL GAINS TAX ON THE DONATIONS. More information to follow.