Charitable Contribution 2021 | CARES Act

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Expanded tax benefits help individuals and businesses give to charity during 2021

Here’s a rundown of the top rules that may apply to you >>

CARES Act Special Charitable Contribution Rule

  • When? Option Expires December 31, 2021
  • Who? Any individual who itemizes deductions
  • What? Can elect 100 percent of your adjusted gross income (AGI) for cash charitable contributions to a public charity.
  • Why? Newhouse became a public charity (501c3) in 1972. A cash donation equivalent to your expected 2021 AGI will be 100% deducted to you, and 1,000% supportive to 1,200+ victims of domestic violence we serve each year!

CARES Act Special Charitable Contribution Rule

  • When? Option Expires December 31, 2021
  • Who? Any individual over 59 ½ years old with an IRA
  • What? Direct your IRA to send a cash distribution to a public charity, ensuring no taxable income from the IRA this year. IRA funds are considered taxable income.
  • Why? Newhouse became a public charity (501c3) in 1972. Directing your IRA sending a cash distribution to Newhouse will generate 0% taxable income to you while 1,000% supportive to 1,200+ victims of domestic violence we serve each year!

CARES Act Expanded Special Charitable Contributions:

  • When? Option Expires December 31, 2021
  • Who? Any individual who takes the standard deduction
  • What? Typically, those who elect standard deductions are not allowed to claim additional cash charitable deductions. CARES Act expansion allows you to take both the standard deduction AND an additional full deduction for a cash gift to public charity up to $300.00 (or $600.00 for married filing joint returns).
  • Why? Newhouse became a public charity (501c3) in 1972. A cash gift of $300 (or $600) can provide hot meals, showers, mental health counseling and case management for victims of domestic violence for 3 to 6 months.

For more information, please visit this article. Check with your tax or financial advisor to ensure you are selecting the best options to obtain the maximum available benefits from the IRS.

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