Now extended in 2021: Anyone can deduct up to $300 in charitable gifts, even if you don’t itemize!
The CARES Act includes a $300 “above the line deduction” for individual tax payers. If you pay taxes, you may be able to deduct $300 in gifts to College Possible, no matter what you earn. The new policy, extended into 2021, also lifts the existing 60% cap on annual contributions for people who itemize their taxes to a full 100%! All gifts made in 2021, filed individually or jointly, are eligible. And corporations may also benefit from increased thresholds for charitable giving. Talk with your tax preparer today!
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 College Possible. This helps lower a donor’s income tax liability since the distribution isn’t counted as taxable income.
Donor advised funds & stock donations
College Possible accepts gifts from donor advised funds and gifts of securities. With many stocks appreciating this year, donating a stock gift would allow College Possible to make full use of its value, without capital gains tax.
Does your employer have a matching gift program?
Many companies have expanded their matching gift programs this year. An employer match is an easy way to double or even triple your impact. Check with your company about its matching gift policy.
We are grateful to you for supporting our College Possible students and investing in their futures. Please reach out to Jessica Wetmore at JWetmore@CollegePossible.org for more information or to make your gift today.