NEW: 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 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%.
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.
Donor advised funds & stock donations
College Possible accepts gifts from donor advised funds and stocks. 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 believing in our students and investing in their futures. We could not exist without you! Reach out to Elena Hein at EHein@CollegePossible.org for more information or to make your gift today.