To assist several groups impacted by COVID-19, the U.S. Congress recently passed the $2 trillion CARES (Coronavirus Aid, Relief, and Economic Security) Act. Here’s what it means for you and your gifts to The Children’s Heart Foundation:

• The CARES Act includes a new above-the-line deduction for total charitable contributions of up to $300. (Other above-the-line deductions, for example, include student-loan interest and retirement plan contributions.) Here’s what it means: you can claim the deduction on your taxes without itemizing. This is a universal or non-itemized deduction that applies to all taxpayers for all contributions made in 2020, and it will be claimed on your tax forms next year. [Section 2204]
   
• The CARES Act also lifts the existing cap on annual contributions if you choose to itemize your deductions. Essentially the bill suspends the normal limit on deductions for contributions, raising it from 60 percent of adjusted gross income to 100 percent in 2020. [Section 2205]

The CARES Act may have other important implications for you and your family, as well as for your business, hospital, school, church, and other entities. Find out more.