CARES Act Information
Prior to the CARES Act in 2020, individuals who took the standard deduction (i.e., do not itemize deductions) could not deduct charitable giving. The CARES Act included a temporary universal charitable deduction capped at $300 ($600 for married filing jointly) and increased deductibility for charitable contributions to 100% of adjusted gross income for individuals and 25% for corporations. These provisions have been extended through Dec. 31, 2021.
If you have questions – we are here to help. Please contact Lori Norris, Vice President of Institutional Advancement at 317.582.0120 ext. 216 or firstname.lastname@example.org.