ABOUT BEQUESTS

You may be looking for a way to make a significant gift to help further the mission of your favorite charity. A bequest is a gift made through your Will or Trust. It is one of the most popular and flexible ways that you can support the cause that matters the most to you.

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CHARITABLE GIFT ANNUITY

A charitable gift annuity is a great way to make a gift to your favorite charity. With this vehicle, you can gift your cash or property to your favorite charity and they will promise to make fixed payments to you for life at a rate based on your age.

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IRA CHARITABLE ROLLOVER

An IRA rollover allows people age 70½ and older to reduce their taxable income by making a gift directly from their IRA.

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Wednesday February 19, 2020

Washington News

Washington Hotline

Blizzard Disaster Relief

On March 9-12, a massive blizzard moved through Nebraska and Iowa. The storm set record low barometric readings in Colorado, Kansas and New Mexico. The greatest impact was in western Kansas.

The blizzard brought winds of up to 89 mph (Hemingford, Nebraska) and as much as a foot of snow. Interstate 80 was closed from Kearney, Nebraska to the Wyoming border.

After the storm passed, there was severe flooding of the Platte, Elkhorn and Missouri rivers. Many cities in eastern Nebraska and western Iowa experienced flooding.

In NE-2019-02 and IA-2019-02, the IRS declared disaster relief status for Butler, Cass, Colfax, Dodge, Douglas, Nemaha, Sarpy, Saunders and Washington counties in Nebraska and Fremont, Harrison, Mills, Monona and Woodbury counties in Iowa.

Nebraska residents in the affected counties may generally defer tax filing deadlines between March 9 and July 31 of this year to July 31, 2019. Iowa residents in impacted counties may delay their filing deadlines from March 12 to July 31 of this year to July 31, 2019.

The tax relief covers filing, payments and estimated tax payments. Individuals who are making IRA contributions also have until July 31, 2019 to maximize their 2018 IRA funding.

Victims in the Nebraska and Iowa counties may also deduct a casualty loss. Taxpayers who are in a federally-declared disaster zone are permitted to deduct losses in either the 2018 or 2019 tax year.

Published March 29, 2019
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