As we have throughout our history, Southwestern Medical Foundation’s philanthropic community leaders will work side-by-side with its medical leaders to meet the health care needs and challenges our community will face. It is through this partnership that our leaders have ensured our extraordinary progress in medicine. And, it is through this partnership that our leaders will ensure the progress we seek today.
Southwestern Medical Foundation is dedicated to supporting UT Southwestern Medical Center’s response to the novel coronavirus (COVID-19). As the situation rapidly evolves, UT Southwestern continues to provide exceptional care to patients with the virus and is increasing testing capabilities to meet growing demand.
UT Southwestern is also leading at the forefront of research studying COVID-19, with a goal of advancing effective treatments, better diagnostics, and vaccine development.
Through North Texas Giving Tuesday Now, you can make a gift to directly benefit UT Southwestern’s greatest needs in the battle against COVID-19. At every level, your generosity makes a world of difference in a trying time.
Maximizing the Impact of Your Gift
Gifts have a greater impact during this time due to a new federal stimulus package. The U.S. Congress has passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act and the president has signed it into law. With this new law, your generosity can go even further than before:
1. The law allows an above-the-line income tax charitable deduction up to $300 even if you don’t itemize your 2020 income tax return. The break is available to people who claim the standard deduction, which is $12,400 for singles or $24,800 for married-filing jointly in 2020. This provision was inserted specifically to encourage charitable giving this year.
2. The CARES Act impacts owners of Individual Retirement Accounts (IRAs) by providing a temporary waiver of Required Minimum Distributions (RMDs) for 2020, allowing IRA owners age 72 and older to keep funds in their IRAs and other qualified retirement plans. The decreased value of their portfolios may motivate some people to keep funds in their accounts temporarily, waiting to see what happens in the investment markets. If you are 70 ½ and older, you may still make direct distributions to charity from your IRA, just as before.
3. For the 2020 tax year only, donors may deduct cash gifts to public charities up to 100% of adjusted gross income (AGI). The previous limit was 60%. If a person has an AGI of $1 million, they can deduct up to $1 million in cash gifts made in 2020. Gifts to donor-advised funds (DAFs) and supporting organizations (SO) don’t qualify. The limitation on the deductibility of gifts of appreciated stock remains at 30%. As is the case currently, if a person cannot use all of the deductions from charitable gifts made in a year, they can carry forward any unused amount to the next year.