Members of the MWT-M Rotary Club:
Our Club is one of a few that has its own Rotary Foundation. This year with the pandemic, some of the fund raising activities have taken a hit which will affect our future donations to needing organizations, but there is a tax deductible way you can help the Foundation raise funds.
In response to the pandemic, Congress enacted the Coronavirus Aid, Relief, and Economic Security Act (‘CARES'), which has many tax relief provisions for individuals. One in particular for Rotarians in our Club to be aware of relates to Charitable contributions.
The following favorable rules apply to cash contributions made during 2020 to certain charities:
- Individuals who do not itemize can claim an above-the-line deduction of up to $300 for such contributions;
- Individuals who itemize can deduct such contributions up to 100% of adjusted gross income.
So, if you are so inclined, a contribution to the MWT-M Rotary Foundation can be deductible at least up to the $300 limit. If you are one of those taxpayers who still can itemize deductions, then, of course, your deduction can be of any amount.
In any case, when you are thinking about making a charitable contribution, please keep the MWT-M Rotary Foundation in mind. Donations can be given to our Treasurer in person (when that can happen again) or checks can be mailed to: MWT-M Rotary Foundation, P.O. Box 620312, Middleton, WI 53562.
John A. Gerold [P.S. This is NOT intended to be tax advice. It is only for informational purposes. Please consult with your tax advisor for specific advice.]