The 2020 CARES Act Charitable Giving Opportunity
It goes without saying that this has been a year of change. Our students and faculty are learning and teaching in new ways, but our commitment to providing outstanding educational opportunities is unwavering. Make a difference at The W with your gift today.
For year-end giving to The W, a special CARES Act provision can be a valuable planning tool allowing deductions up to 100% of your adjusted gross income when contributing cash in 2020. You potentially may reap a much higher tax benefit than in a normal year.
To take advantage of this higher deduction threshold, consider bunching several years' worth of contributions to one or more charitable organizations. While bunching donations can be a good strategy in any year, doing so in 2020 offers a greater deduction possibility.
If you are considering a Roth conversion, you may wish to consider increasing your charitable gifts to a level at which the charitable deduction would offset all or most of the additional taxes created by the Roth conversion.
This special opportunity applies only to cash gifts made directly to a qualified non-profit such as the MUW Foundation by December 31, 2020. For additional information, please contact us or your qualified tax adviser.