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CARES Act Tax Incentives for Giving for COVID-19 Pandemic

Notre Dame students and their families are navigating uncharted waters as they plan for fall enrollment. The College is also dealing with a growing number of challenges due to the COVID-19 pandemic.

Fortunately, Congress recognizes the need faced by many families and nonprofits and the importance of continued charitable giving. Through their actions, they have allowed corporate and individual donors to maintain or increase their giving in order to support the missions they hold most dear.

Below are key provisions of the new CARES Act that are designed to help you make a gift in support of Notre Dame’s mission and our students.

New Deduction Available

All taxpayers may take up to $300 ($600 for a married couple) in annual charitable cash contributions, even if you do not itemize. It is an “above the line” adjustment to income that will reduce a donor’s adjusted gross income, reducing taxable income. A donation to a donor advised fund does not qualify for this new deduction.

New Charitable Deduction Limits

Individuals and corporations that itemize can deduct much greater amounts of their cash contributions to charities. Individuals can elect to deduct donations up to 100% of their 2020 adjusted gross income (up from 60%). Corporations may deduct up to 25% of taxable income (up from 10%). The higher deduction does not apply to donations to a donor advised fund.

Required Minimum Distributions from IRAs are Suspended

There will be no required minimum distributions for qualified retirement plans in 2020. However, if you are 70½ or older, you can still direct a gift from your IRA to charities.

For more information, email advancement@ndc.edu.