Support: IRARollover

Thank you guys so much for making this information available. It's upsetting how hidden information is about candidates and even when you find it, how biased it can be. Thanks to your hard work, it really made studying candidates and choosing how I will vote easy and comprehensive. IRA Rollover

IRA Charitable Rollover

If you are age 70 ½ or older, you can use your traditional Individual Retirement Account (IRA) as a simple way to reduce your tax liability while supporting voter access to ballot information. The IRA Charitable Rollover provides you with an excellent opportunity to make gifts during your lifetime from an asset that would be subject to multiple levels of taxation if it remained in your taxable estate. A qualified charitable distribution can satisfy all or part of the amount of your required minimum distribution from your IRA. For example, if your required minimum distribution was $10,000 for the year, and you made a $5,000 qualified charitable distribution, you would only have to withdraw another $5,000 to satisfy your minimum distribution requirement. The giving cap for an IRA Charitable Rollover is $100,000 per year and rollovers must be completed by December 31 of the year of the contribution to count against taxable income. If you do not itemize deductions, or live in a state that does not allow itemized deductions, contributing to a nonprofit like Ballotpedia with an IRA rollover can help you enjoy tax benefits similar to those derived from claiming itemized charitable deductions. Please contact us at development@ballotpedia.org in order to set up a charitable rollover today, helping millions of voters tomorrow.

Important Information On New Tax Advantages For Charitable Donations Continue Reading

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was established in 2020 in response to COVID-19 and there are several important implications for charitable giving:

• The CARES Act allows for an additional deduction for charitable gifts made in cash of up to $300. If you are not itemizing on your 2020 taxes, you can claim this new deduction.
• The adjusted gross income (AGI) limit for cash contributions was increased for individual donors. For cash contributions made in 2020, you can now elect to deduct up to 100% of your AGI (increased from 60%) resulting in tax savings.
• Increased Deduction Limits for Corporations: The contribution limit for corporations has been raised to 25% for cash contributions this year.
• Under the CARES Act an individual can elect to deduct 100% of their adjusted gross income (AGI) for charitable contributions. This effectively affords individuals between the ages of 59½ and 70½ benefits similar to a qualified income distribution: You can take a cash distribution from your individual retirement account, contribute that cash to charity, and this may completely offset taxes attributable to the distribution by taking a charitable deduction in an amount up to 100% of your AGI for the tax year.

Ballotpedia is a 501(c)3 charitable nonprofit organization as designated by the Internal Revenue Service. Ballotpedia is proudly sponsored by the Lucy Burns Institute and the Tax ID is: 20-8036372. All gifts to Ballotpedia are tax deductible to the extent of the law.

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