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Temporary Suspension of Limits on Charitable Contributions

  • 1.  Temporary Suspension of Limits on Charitable Contributions

    Posted 21 days ago
    Good morning all,

    What do we need to know about the IRS's temporary suspension of limits on charitable contributions, which allows individuals to deduct qualified contributions of up to 100 percent of their adjusted gross income?  I'm finding some limited information about this online, but am wondering if anyone can shed some more light on it?

    Gwen

    ------------------------------
    Gwen Donev
    Director of Advancement Services
    Gustavus Adolphus College
    gwendonev@GUSTAVUS.EDU
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  • 2.  RE: Temporary Suspension of Limits on Charitable Contributions

    Posted 21 days ago
    The 2020 Covid-19 CARES Act allows donors who itemize to contribute up to 100% of their AGI.  This provision was extended for 2021 and there are carryover provisions.  But I'd be cautious about discussing tax matters with donors.  Further, with barely 11% of taxpayers itemizing this provision has a very narrow appeal.

    Here's a brief summary:


    John

    John H. Taylor
    Principal
    John H. Taylor Consulting, LLC
    2604 Sevier St.
    Durham, NC   27705
    919.816.5903 (cell/text)

    Serving the Advancement Community Since 1987






  • 3.  RE: Temporary Suspension of Limits on Charitable Contributions

    Posted 21 days ago
    Thanks, John!