The CARES Act and Charitable Giving

It appears 2021 is picking-up where 2020 left off.  Like you, our students, faculty and staff have seen their lives upended by the global COVID-19 pandemic.  We have all learned to adapt to be flexible in this rapidly changing environment.  Our campus has undergone a massive technology upgrade and seen swift changes to the way our students eat, live, study, exercise and even socialize.

We are here for Carroll students, and we’re here for you, with a variety of virtual alumni events and other opportunities for you to engage, socialize, network and even further your career.  We would also like to keep you updated on some federal tax law changes regarding philanthropy.  The federal CARES Act, drawn-up in response to the COVID-19 pandemic, provides some new charitable giving incentives that could affect your giving contributions in 2021.

How will the CARES Act impact your charitable giving in 2021?

  • Through the CARES Act, you may claim up to $300 in standard charitable deductions ($600 for joint filers) in 2021.  Different from last year, this deduction reduces a taxpayer’s taxable income, but will no longer reduce Adjusted Gross Income (AGI).
  • Through the CARES Act, individuals can deduct cash contributions to qualifying organizations for up to 100% of their AGI.
  • Through the CARES Act, donors who are 70 ½ or older may transfer up to $100,000 to Carroll University as a Qualified Charitable Distribution (QCD) each year.  Required Minimum Distributions (RMD’s) are not required until age 72.
Panoramic View of campus