2021 Tax changes for Charitable Giving
- The $300 above-the-line charitable deduction has been extended for single filers who do not itemize deductions.
- For 2021, the above-the-line charitable deduction is increased to $600 for married couples filing jointly who do not itemize tax deductions.
- For taxpayers who itemize and donate cash to qualified charities may deduct up to 100% of their adjusted gross income (AGI).
- As in 2020, these deductions apply only to qualified cash contributions and do not apply to cash gifts made to private foundations, donor-advised funds, gift accounts, or supporting organizations.
The CARES Act suspension of required minimum distribution (RMD) has not been extended into 2021. If you are 70 1/2 and older, you may take a qualified charitable distribution (QCD) to satisfy your RMD up to $100,000 per year. The OCD must be done as a direct transfer from the IRA to the charity to avoid paying income tax on the distribution.
Please check with your financial advisors on what strategy is best for your charitable giving.
Here are some helpful resources:
Grant Recommendation Form for Donor Advised Funds and Gift Accounts
Understanding your Fund Statement – Donor Advised Funds
Understanding your Fund Statement – Designated Funds
Understanding your Fund Statement – Field of Interest Funds
Understanding your Fund Statement – Gift Accounts
Understanding your Fund Statements – Scholarship Funds
Making the Most of Tax Deductions by Bunching Gifts in Donor Advised Funds
Considering the Advantages of a Gift of Securities
Giving Gifts of Grain
Giving Now/Giving Later Chart
Gift Form to Send with My Check
Learning about IRA Gifts
Join our Legacy Society
General Gift Acceptance Policy
Real Estate Gift Acceptance Policy
Life Insurance Gift Acceptance Policy
Creating A New Charitable Fund