Like you, Froedtert Hospital and Medical College of Wisconsin is adapting and changing in response to the COVID-19 pandemic and accompanying economic uncertainty. Froedtert Hospital and Medical College of Wisconsin is grateful for your generous support of our work over the years. As we adapt to our new reality, we would like to bring to your attention new tax rules for charitable giving included in the recently enacted Coronavirus Aid, Relief, and Economic Security Act, or CARES Act.
You may deduct gifts of cash to most public charities to offset as much as 100% of your income! For the 2020 tax year only, you may deduct cash contributions to Froedtert Hospital and Medical College of Wisconsin and most other public charities to offset up to 100% of your income. Ordinarily, the income tax charitable deduction for cash gifts is limited to 60% of your income. This 100% limit allows especially generous donors to reduce their 2020 federal income tax to zero. If you are even more generous, you can carry forward unused cash contribution deductions for up to five years. Contributions to donor advised funds or supporting organizations are not eligible for this deduction. Your ability to deduct up to 100% of your income with cash gifts is reduced by your gifts of appreciated assets such as publicly traded securities and real estate for example. That means your charitable deductions in 2020 cannot exceed 100% of your income, but you may be able to carry unused charitable deductions forward to future years.
It may not be the tax-wise choice to deduct up to 100% of your income. Because federal income tax rates are progressive, it is not a given that it will be to your advantage to deduct 100% of your cash contributions in 2020. Check with your financial or other advisors to determine whether the 100% deduction makes sense for your specific circumstances.
If you don’t itemize you may reduce your taxable income by $300 for your charitable contributions in 2020. If you do not itemize your deductions in 2020, you can still reduce your taxable income by up to $300 for contributions of cash to public charities using an “above the line” adjustment to reduce your taxable income.
Required minimum distributions from retirement plans are waived for 2020. Most required minimum distributions from retirement plans have been eliminated for 2020. Check with your financial advisor to see how this temporary rule will apply to you. Minimum distributions that have already started are still required from some defined benefit pension plans, but some required minimum distributions that would have started in 2020 may not have to start until 2021.
Qualified charitable distributions are still a great way if you are 70½ or older to make contributions. If you are 70½ or older, a qualified charitable distribution (“QCD” or “IRA charitable rollover”) allows you to make a tax-free gift of up to $100,000 to Froedtert Hospital and MCW from your IRA. While the benefit of using a QCD to satisfy your required minimum distribution has been waived for 2020, a qualified charitable distribution remains a great way to make tax advantageous contributions, especially if you don’t itemize your deductions.
The CARES Act, which was necessary to address the far-reaching effects of the COVID-19 pandemic, provides additional tax incentives to encourage charitable giving. You have important priorities for your family and loved ones, and we know that their health and financial well-being comes first. When you are ready, we will be here to help you shape a charitable gift plan that suits your needs and allows you to keep helping with our important work. Please contact Jason Kraiss at legacyinfo@mcw.edu or call 918-232-5131 to learn about the many ways you can support Froedtert Hospital and Medical College of Wisconsin.
What to Expect for Clinic Visits
We understand that visiting any health care facility during this time may cause some concern. That is why we want to assure you of the safe, expert care you will receive. Here is what you can expect when you visit one of our locations.
1. Scheduling Your Appointment
Safety precautions begin before your visit. When scheduling, our team will screen for signs and symptoms of COVID-19 and may offer a virtual visit instead or as part of your follow-up care. If an in-person visit best meets your needs, we will help you prepare for your visit and what to expect when you arrive.
How to Prepare for Your Visit
- Please wear a face covering over your mouth and nose when entering our facilities and during your visit. If you do not have a face covering, we will provide one.
- Limit the number of people who come with you. For clinic visits, our visitor policy generally allows one visitor or support person per patient. Anyone accompanying you must wear a face covering at all times and be symptom-free.
2. When You Arrive
Our staff will welcome you at your designated entrance or check-in desk. To ensure the safety of everyone, you and anyone accompanying you should:
- Let us know if you are ill or if you are currently experiencing any of these symptoms: Fever, body aches, headache, cough, sore throat, runny or stuffy nose, nausea, vomiting, diarrhea, fatigue, new loss of taste or smell, shortness of breath or difficulty breathing.
- Sanitize your hands.
- Wear your face covering over your mouth and nose. Ask for a face mask, if you do not already have one.
- Allow extra time for a health screening when you arrive. At our hospitals, we will take your temperature and ask additional screening questions at each entrance.
3. During Your Visit
Please wear your face covering over your mouth and nose at all times and maintain a safe six-foot distance from others to the greatest extent possible. You may notice extensive safety precautions in waiting areas and other public spaces, including:
- Hand sanitizer stations
- Furniture rearranged or removed to promote social distancing
- Floor markers to guide you in maintaining a safe, six-foot distance from others
- Safety messages posted as a reminder to all
- Magazines, coat racks, beverage stations and other commonly shared items removed
- Enhanced cleaning practices, including frequent disinfecting of high-touch surfaces such as elevator buttons, vending machines and door handles
4. When You Meet With Your Care Team
You can expect thoughtful, expert care in a safe environment.
- To keep everyone safe, our staff and providers are required to get vaccinated unless they qualify for a medical or religious exemption.
- You and your care team will stay masked whenever possible. Patients may be instructed to take off face coverings, if needed to provide care.
- Your care team will wear personal protective equipment.
- Our providers and staff are screened for signs and symptoms of COVID-19 prior to reporting to work to confirm they are well.
- Examination and procedure rooms are thoroughly cleaned and disinfected between every patient using stringent guidelines.
- Froedtert Pharmacy offers many ways to stay safe while getting your prescriptions, including free home delivery, drive-thru and curbside pickup.