CEDA Gifts and the CARES Act: What You Need To Know

The COVID-19 pandemic has put a spotlight on what we have seen in our communities throughout CEDA’s 55 years of service. Hundreds of thousands of people in Chicagoland are held back by racial injustice, stagnant wages, institutional bias, and generational poverty.

Now more than ever, Black and brown communities are suffering. Households are into poverty every day, while our neighbors who were already struggling fall further behind as jobs evaporate.

ANOTHER REASON TO GIVE

In addition to supporting a thriving Chicagoland, your donation to CEDA can land you extra tax benefits this year. Through the CARES Act, you could be eligible to pay less tax and give more to your favorite charities.

Important information to know:

1. For taxpayers who do not itemize, but instead take a standard deduction, the CARES Act provides an “above-the-line” charitable deduction of up to $300 per person, or $600 for joint filers.*
2. The age for required minimum distributions (RMD) from retirement plans was raised to 72. The RMD requirement has been waived for 2020. This allows retirees to keep those funds invested this year if wanted. Donors may still make qualified charitable distributions (QCDs, limit $100,000), which remain an easy way to make gifts directly to charity without realizing any income tax on the distributions.**

If you have the have the means, please consider making CEDA part of your 2020 charitable giving. When you support CEDA, our clients not only escape poverty, but can strengthen the entire community around them.

You ensure we can expand our critical work through affordable housing, career development, and grassroots action. CEDA is committed to accelerating innovation and it begins with YOU.

TOGETHER we will transform Chicagoland.

*CARES Act – SEC. 2104 Allowance of partial above the line deduction for charitable contributions

**CARES Act – SEC. 2103. Special rules for use of retirement funds