CARES Act offers significant tax incentives
Updated February 2, 2021
The COVID-19 pandemic has had a staggering impact on Washington teams and programs. Your Huskies need your support now more than ever. When you donate to The Huskies All In Fund, you have a unique opportunity to help protect everything we’ve built on Montlake while earning great benefits for yourself.
Charitable giving benefits extended through 2021
Give today to take advantage of charitable giving benefits enacted in 2020 as part of the federal CARES Act and extended through 2021 as part of the second stimulus package. The Act allows you to receive an unlimited charitable deduction for up to 100 percent of your Adjusted Gross Income (AGI) for cash gifts made this year. Contributions in excess of your AGI carry forward for five years subject to the 60 percent of AGI limit. Even if you do not itemize, you can claim up to $300 for a cash gift ($600 for married couples filing jointly) as an “above the line” deduction in 2021.*
*Please consult your tax professional for more information about potential tax savings under the CARES Act.
Originally posted December 14, 2020