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Other CARES Act provisions

msf
edited March 26 in The OT Bullpen
A couple more items of interest to some people. Well, to me, anyway:-)

Senate Finance Committee summary

- Starting this year, individuals will be able to contribute to charities and take an above the line deduction (no need to itemize) for up to $300. But this is limited to contributions of cash. This appears to be a permanent change to the tax code. I'm still researching (a) whether couples can deduct $600, and (b) whether this deduction is added back when computing AGI for SS or Medicare IRMAA, or for IRA deductibility, or any other purpose.

https://www.businessinsider.com/personal-finance/coronavirus-stimulus-bill-new-charitable-deduction-2020-3

- For 2020 only, RMDs are generally suspended. Also, if your first RMD is for 2019 and you've not yet taken it (you have until April 1), then you won't have to.
https://www.steptoe.com/en/news-publications/senate-passes-omnibus-cares-act.html
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