WITH SO MUCH uncertainty at the moment, our work to educate the highest-quality dental professionals is of vital importance. And while you may be unsure of a way to support the School of Dentistry right now, here are some key changes for the 2020 tax filing year that may be beneficial to you and your family.

1. Additional Income Tax Charitable Deduction: As part of the CARES Act, you can deduct up to $300 above the standard deduction for individuals in charitable contributions. This is for everyone, even if you have no other itemizations.

2. No “RMDs” from your IRA, but QCDS are still a smarter way to give: For individuals with IRA accounts, the CARES Act specifies there are no Required Minimum Distributions (RMDs) this year. However, giving pre-tax funds out of your IRA will still lower your future tax burden compared to giving cash. If you are interested in this method of giving, please contact your IRA custodian.

3. Creating a planned gift costs you nothing today and is a powerful way to make a lasting impact. Writing a will is one of the most important steps to take, though understandably scary or uncomfortable given the current crisis. But now more than ever, it’s important to protect what matters most to you and have
a plan in place. We hope you will join the many people who have included us in their will, trust or beneficiary designations, and we are available if you would like some guidance in wording a charitable contribution as part of your estate. We hope you find this information useful as you make important decisions about how to best support dental education this year. If you have any further questions or just want to reach out, please feel free to contact Hilary Wheat at 816-235-2173 or wheath@umkc.edu.