During this uncertain time, we are sincerely grateful for our UMKC community of supporters. It is because of you that we are able to remain true to our mission of learning, discovery, research and service. Your commitment is what sustains us in times like these and prepares us for the excellence we will continue to achieve.
We know many of you have questions about how charitable giving is changing in light of the recently passed CARES Act. To ensure you have the information you need, we’ve summarized the provisions affecting charitable giving in 2020, as outlined in the Coronavirus Aid, Relief and Economic Security (CARES) Act, for individual and corporate contributors:
Individual Contributor, Non-Itemized Deductions
A deduction up to $300 in charitable contributions from your adjusted gross income (AGI) is permissible for those who take the standard deduction. Donations must be made in cash to a qualified charitable organization. Gifts of appreciated securities do not qualify.
Individual Contributor, Itemized Deductions
A deduction up to 100% of your adjusted gross income in charitable contributions is permissible for donations made in cash to a qualified charitable organization. This is an increase from the general limit on deductions to no more than 60% of the AGI.
Retirement Plan Distributor
All required minimum distributions (RMDs) from retirement accounts are suspended for 2020. Donors who are 70 ½ years or older are permitted to contribute up to $100,000 directly to a qualified charitable organization without paying tax on the distribution.
A deduction up to 25% of your taxable income in charitable contributions is permissible for donations made in cash to a qualified charitable organization. This is an increase from the general limit on deductions to no more than 10% of the taxable income.
Deductions for Contributions to UMKC Student Relief Funds
Donations to student relief funds in response to campus changes are eligible for these provisions in the 2020 tax year.
Disclaimer: UMKC Foundation does not provide tax, legal or accounting advice. This summary has been provided for informational purposes only, and should not be relied on for tax, legal or accounting advice. You should consult your own tax, legal and accounting advisor(s) before applying any deductions.