CARES Act highlights that benefit donors and nonprofit organizations like Hillel:
New Giving Opportunity for Non-Itemizers
If you do not itemize deductions, you may nonetheless take an "above-the-line" deduction for up to $300 in cash gifts you make to Hillel International.
Only contributions actually made during 2020 qualify. In other words, any excess cash contributions carried over from prior years are not eligible for this one-time, "above-the-line" deduction.
"Unlimited" Deduction for Cash Gifts
If you do itemize, you may deduct up to the entire amount of your adjusted gross income (AGI) for cash gifts you make in 2020, without reference to the 60 percent limitation that would otherwise apply.
If you also make non-cash gifts, which are subject to lower AGI limitations, or if you have carryforwards from non-cash gifts made in prior years, you can still take advantage of the temporary "unlimited" deduction for cash gifts, without losing a carryforward year for those items. Excess cash gifts will simply be carried forward to 2021.
The limitation on deductions for cash contributions by corporations has also been temporarily increased, from 10 percent of taxable income to 25 percent.
Please contact Charles (Chuck) M. Miller, JD, AEP®, Senior Director of Planned Giving, at firstname.lastname@example.org or (202) 449-6529 if you wish to discuss the many options available to you to ensure that Hillel will continue to be strong today and into the future. All inquiries are welcome and will be held in the strictest confidence.
For specific advice about the effect of any gift planning vehicle on your tax or financial situation or with your estate, please consult with your professional financial advisor.