CARES Act’s Impact on Giving
The Consolidated Appropriations Act, 2021, has extended and even expanded some of the benefits of charitable giving under the CARES Act through December 31, 2021.
For those who do not itemize their tax deductions and donate to a public charity:
- $300 above-the-line charitable deduction has been extended for single filers
- $600 above-the-line charitable deduction has been extended for married couples filing joining
These deductions apply to qualified cash contributions and do not apply to cash donations made by private foundations, donor advised funds or supporting organizations, or to split interest trusts like charitable remainder or lead trusts.
For those who itemize their tax deductions and contribute to a pubic charity:
- Individuals may deduct up to 100 percent of their adjusted gross income
- Corporations may continue to deduct up to 25 percent of the corporation’s taxable income
For those who are 70 ½ or older and donate to a public charity:
- Individuals may transfer up to $100,000 from their IRA rollover through a Qualified Charitable Distribution
- The rollover amount donated will be excluded from taxable income
As with all tax matters, please consult your tax advisor regarding your personal situation.
Contact Florida Southern College
Please contact Florida Southern College’s Office of Development for more information about making your gift before December 31, 2021.
Sara Olson
Director of Major Gifts