Charitable Benefits of CARES Act Extended for 2021


The Consolidated Appropriations Act, 2021 ​has extended the benefits for charitable contributions made available through the Coronavirus Aid, Relief, and Economic Security (CARES) Act, a $2 trillion federal relief package signed into law on March 27, 2020. The following benefits are extended for the 2021 tax year:

​Expansion of the universal charitable deduction for cash gifts – The universal charitable deduction has been extended and increased. The new deduction is $300 for single filers and $600 for married couples filing jointly.  Taxpayers who take the standard deduction rather than itemizing their deductions will be able to claim this charitable deduction for cash gifts to qualified charities such as Washington University.  Please note that the charitable deduction does not qualify for gifts to supporting organizations or donor advised funds.​

Extension of the cap on deductions for cash contributions – The CARES Act lifted the cap on annual cash contributions for those who itemize, increasing it from 60% to 100% of AGI for 2020 and 2021. A five-year carryover applies to cash contributions in excess of this amount.  Contributions to donor-advised funds are excluded. For corporations, the deduction limitation is increased from 10% to 25% of taxable income. 




      The CARES Act recognizes the important role that nonprofit organizations like Washington University are playing in responding to the COVID-19 crisis. Now more than ever, your generosity will make a difference.

      For more information about making a gift to WashU, contact:

      Planned Giving
      plannedgiving@wustl.edu or 800-835-3503​

      Annual Giving Programs
      annualfund@wustl.edu or 877-215-2727


       

      This information is not intended as legal or tax advice. For such advice, please consult an attorney or tax adviser. References to tax rates include federal taxes only and are subject to change. State law may further affect your individual results.

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