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As we navigate COVID-19, College Possible is committed to supporting our staff and students. Get resources and news updates regarding COVID-19 to assist students and their families during this unprecedented time of hardship and crisis. View Resources

Did you know that the Federal CARES Act* impacts tax deductions?

The CARES Act includes a $300 “above the line deduction” for all tax payers. If you pay taxes, you can deduct $300 in gifts to nonprofits, no matter what you earn. The new policy also lifts the existing 60% cap on annual contributions for people who itemize their taxes to a full 100%! All gifts made in 2020, filed individually or jointly, are eligible. And corporations can deduct up to 25% of taxable income, up from the previous limit of 10%.

*Consult with a tax professional for up to date information.

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