XAVERIAN
How the C.A.R.E.S. Act helps YOU help US! THE CARES ACT AND CHARITABLE GIVING
Financial Preparation for Millennials | EWCG
As you may know, the U.S. Congress has passed the CARES Act. This act has many facets and also makes certain modifications to help facilitate philanthropic contributions to worthwhile organizations like Xaverian. Some specific provisions of the CARES Act related to charitable giving are referenced below. As always, please consider discussing with your professional tax advisors.
$300 CHARITABLE DEDUCTION FOR ALL
Even if you do not itemize deductions on your taxes, your gift can reduce your 2020 taxable income by up to $300 per couple. This is a special benefit for 2020.
100% DEDUCTION ALLOWANCE FOR CASH GIFTS TO CHARITIES
For the 2020 tax year only, individuals may deduct cash gifts up to 100% of their adjusted gross income (AGI) compared to the typical 60% allowance.
IRA DISTRIBUTIONS FOR DONORS AGE 70½ OR OLDER
Though the required minimum distribution (RMD) is temporarily suspended for 2020, gifts from an IRA rollover or qualified charitable distribution (QCD) will continue to reduce your taxable income (up to $100,000), especially if you do not itemize your deductions.
OTHER WAYS TO GIVE:
Appreciated Stock
Matching Gifts
Giving appreciated stocks, bonds, and mutual funds provides even greater tax benefits than giving cash. They may be used to provide a double benefit to you, such as avoidance of capital gains taxes and an income tax deduction equal to the fair market value. Please consult (web page) for transfer instructions.
Did you know that many businesses offer a matching gift program as a part of their employee benefits package? These programs allow you, the employee, to direct your organization's philanthropy to the benefit of Xaverian. If you or your spouse work for or have retired from a matching gift company, you might also be eligible to take advantage of this benefit.
Planned Giving
Memorial & Tribute Gifts
Planned giving can offer you creative, strategic ways to support Xaverian, while also providing you and your family with tax and other benefits. Planned gifts come in many forms, such as beneficiary designations, gifts through a will, charitable gift annuities, and charitable trusts.
Tribute gifts provide a meaningful way to honor and remember a family member, former teacher or coach or friends while supporting Xaverian. These special gifts provide an opportunity to remember or pay tribute to individuals as well as recognize special occasions, such as anniversaries and birthdays. The person you choose to honor or the families of those being remembered will be notified of your donation and you will receive an acknowledgement.
Please contact Eileen Long Chelales P'24 '26, Director of Advancement, at 718-836-7100 x197 if you would like to discuss including Xaverian in your estate plans.