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Tax Benefits of the CARES Act

Submitted on December 15, 2020

It’s important to keep in mind the tax benefits of the CARES Act as you plan your year-end giving. The CARES Act is designed to help those facing economic hardship due to the coronavirus pandemic. All gifts must be made to qualifying nonprofits and charitable funds, such as Georgetown College, to be eligible for the benefits listed below.

  • Non-itemizers: An “above the line” deduction of up to $300 on your 2020 tax return for charitable gifts. Gifts to corporate advised and donor advised funds do not qualify for the “above the line” deduction or increase in adjusted gross income limits.
  • Individuals: Up to 100% deduction of your 2020 adjusted gross income for cash gifts.
  • Corporations: Up to 25% deduction of your 2020 taxable income for cash gifts.
  • IRA: Required minimum distributions are waived if you own specified retirement accounts in the 2020 tax year. Regardless of whether you itemize, IRA account owners age 70 ½ and older may give up to $100,000 per individual. Account owners do not need to recognize income on that distribution.

To make your 2020 gift online, visit Thank you for supporting our current and future Tigers!


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