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CARES Act Giving Strategies

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) presents special advantageous opportunities for charitable giving in 2020. Below are highlights of ways to give to Wilberforce, and other charities, which might benefit you! Please contact jennia.axelson@wilberforceschool.org if you have any questions.

1. You may deduct gifts of cash to most public charities to offset as much as 100% of your adjusted gross income (AGI)! For the 2020 tax year only, you may deduct cash contributions to The Wilberforce School and most other public charities to offset up to 100% of your income. Ordinarily, the income tax charitable deduction for cash gifts is limited to 60% of your income. This 100% limit allows especially generous donors to reduce their 2020 federal income tax to zero.

Consider using the 100% adjusted gross income (AGI) limit for charitable deductions if you received a windfall or sold appreciated assets or a business in 2020 and are facing a large capital gains tax in 2020.

2. Qualified charitable distributions are still a great way if you are 70½ or older to make contributions. If you are 70½ or older, a qualified charitable distribution ("QCD" or "IRA charitable rollover") allows you to make a tax-free gift of up to $100,000 to Wilberforce from your IRA. While the benefit of using a QCD to satisfy your required minimum distribution has been waived for 2020, a qualified charitable distribution remains a great way to make tax advantageous contributions, especially if you don't itemize your deductions.

3. Use the $300 above-the-line tax reduction if you do not itemize on your tax return.