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Making the Most of Your Year-End Giving

College Possible Minnesota relies on the generosity of our community to make our program a reality for the 6,000 students we serve. The pandemic has posed a significant challenge to education equity and our work has never been more urgent.

During this season of giving, make the most of your gift by taking advantage of giving incentives.

Increase your tax deductibility with the CARES Act

The Coronavirus Aid, Relief, and Economic Security (CARES) Act creates giving incentives for individuals who contribute to 501(c)(3) nonprofits like College Possible.

For those who DON’T itemize their taxes, you may now include up to $300 in charitable contributions as an above-the-line deduction for your 2020 taxes. This applies to any eligible taxpayer, including households that file their taxes as a couple, and you don’t have to itemize other items to claim this deduction. (CARES Act, Section 2104)

For those who DO itemize their taxes, you can now deduct up to 100% of your adjusted gross income for certain charitable gifts in 2020, an increase from 60%. (CARES Act, Section 2205)

Check with your employer about their matching gift program

Many companies have expanded their matching gift programs this year. An employer match is an easy way to double your gift. Check with your company about its matching gift policy or search for your company here.

Discover the tax advantages of IRA donations

Donors who are 70 ½ and older who have a traditional IRA can direct a required distribution (up to $100K) to a charity. This helps lower a donor’s income tax liability since the distribution isn’t counted as taxable income. Click here to learn more.

Contribute in a way that works for you

College Possible accepts gifts from donor advised funds and stock gifts. We also have a monthly giving program and a planned giving program. Visit our ways to give page to make a donation today and learn about the many ways to donate to College Possible.

We are extremely grateful to the individuals who believe in our mission and continue to fund our work. We would not exist without you! Reach out to Helen at HKouba@CollegePossible.org or 651-288-2203 to discuss your gift today.

 

Always consult a tax professional as you consider the best philanthropic tools for your financial situation. 

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