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Changes in Charitable Giving in 2020

The CARES Act changes the limitations on charitable giving to encourage individuals and corporations to make cash contributions to public charities.

  1. Above-the-line deduction. Under prior rules, individuals who do not itemize their deductions on their income tax returns could not take a charitable deduction for cash contributions to qualified charities.  The passage of the Tax Cuts and Jobs Act of 2017 drastically reduced the number of individuals who chose to itemize deductions by (a) raising the standard deduction to $12,400 for single taxpayers and $24,800 for taxpayers that are married filing jointly, and (b) capping the deduction for state and local taxes at $10,000.  The CARES Act adds a new above-the-line deduction that allows an individual who does not itemize to deduct up to $300 of cash contributions to a qualified charity.  This is in addition to the standard deduction.
  2. Relaxed limitations on deductions for individuals. For individuals who choose to itemize, IRC Section 170(b)(1) limited the deduction for cash contributions to qualified charitable organizations to 60% of the individual’s adjusted gross income.  Under the CARES Act, however, the deduction for cash contributions to a qualified charitable organization in 2020 is increased to 100% of the individual’s adjusted gross income.  If the contribution exceeds the limitation, the individual can still carry forward and utilize the excess amount over the following five years.

Special Charitable Giving

There are a number of different methods you may use to support the work and values of our shared community. We invite you to consider the following donation options:

-- Donating appreciated securities
-- Through donor-advised charitable giving funds
-- From an IRA with a Qualified Charitable Distribution
-- By creating a Jewish Legacy 

Contributions toward membership, capital giving, High Holy Days, and end-of-year giving assure that Sukkat Shalom can sustain a community of worship and Jewish experience as a welcoming "shelter of peace" into the future.

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Donating Appreciated Securities

Making contributions to Sukkat Shalom by converting stock or other securities is easy. 

Step 1: Send an email to Andy at aschultz@sukkatshalom.org explaining what you want to do, the name of the stock or security you'll be converting, and the number of shares, if applicable.

Step 2: Have your brokerage house send the securities to Mesirow Financial, Inc. DTC#0226; F/B/O NFS Account# WMP001867. If possible, please have the submission include your name attached, and also notify the temple of the impending donation so we may credit it to your account.

Thank you!

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Donor-Advised Funds

You can set up your own donor-advised fund through your brokerage house or a charitable giving trust as an easy and tax-efficient method for charitable giving. You simply make tax-deductible donations of cash, stock or other assets, then view the fund as a "charitable investment account." The investments grow over time and you can tap the fund now or in the future for your Sukkat Shalom contributions. Ask your financial advisor for details. 

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Qualified Charitable Distributions from Retirement Accounts

If you are age 70½ or older, IRS rules require you to take required minimum distributions each year from your tax-deferred retirement accounts. This additional taxable income may push you into a higher tax bracket and may also reduce your eligibility for certain tax credits and deductions. Qualified charitable distributions (QCD) can eliminate or reduce the impact of this income through charitable giving to Sukkat Shalom. Ask your financial advisors for details.

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Create a Jewish Legacy

As my ancestors planted before me, so do I plant for my children.” -- Talmud

A legacy gift can help ensure the future of Sukkat Shalom with donations assigned through your will, retirement account, donor-advised fund, life insurance policy, or another giving vehicle. Simply sign a Declaration of Intent that is a promise of future giving only, and anyone can participate with gifts of any size.

Your gift will assure the beauty of Sukkat Shalom's sanctuary and building; it will sustain a house of worship that is a welcoming shelter of peace; and continue to foster a warm and vibrant Jewish community and supportive haven for interfaith families.

We hope Sukkat Shalom has touched your life and the lives of your family and loved ones. May we share information with you and discuss how to create your own Jewish legacy?

Ask your financial advisors for details, and if you would like information on how to include Sukkat Shalom in your estate planning, please contact Andrew Schultz, Executive Director, 847.251.2675; aschultz@sukkatshalom.org. 

Wed, September 30 2020 12 Tishrei 5781