Below you will find more information on how you can support the mission of Barton College and take advantage of various tax benefits. Whatever your charitable giving goal, the Office of Institutional Advancement stands ready to support you.
CARES Act and 2021 Charitable Giving
The charitable giving incentives included in the 2020 CARES Act were extended through the end of 2021:
- Taxpayers who do not itemize their charitable deductions can claim a tax benefit up to $300 (individual) or $600 (married couple filing jointly) for cash gifts made to public charities in 2021.
- Taxpayers who itemize their charitable deductions may deduct cash contributions to public charities up to 100% of their adjusted gross income in 2021, an increase from the usual 60% limit.
Note: The increased 100% AGI limit does not apply to:
- Gifts of non-cash assets like stock or other illiquid assets;
- Gifts made to donor advised funds (DAFs)
- Charitable contributions carried forward from a prior tax year.
Appreciated assets are tax-effective gifts:
Gifts of appreciated assets like stock, securities, mutual funds, closely held stock, real property, and others are often tax-effective gifts, especially when capital gains taxes can be avoided. Charitable gifts of long-term appreciated assets are deductible up to 30% of your adjusted gross income and alleviate capital gains taxes if you sold the asset.
IRA Qualified Charitable Distributions
If you are 70 1/2 or older, you can transfer up to $100,000 annually from IRA accounts to a qualified public charity like Barton College without having to recognize the distribution as income. The Qualified Charitable Distribution (QCD) must be made directly to Barton College from one’s IRA account and can not be made to a third party such as a donor advised fund. By making a QCD from your IRA, you can avoid paying income tax on your withdrawal, and your donation will help further the mission of Barton College.
"Bundling" Charitable Gifts:
Individuals who want to maximize their charitable donations and itemize in 2021 can “bundle” their charitable gifts — i.e., make two or more years’ worth of charitable contributions in a single year. This strategy helps push taxpayers over the itemizing threshold, where they can reap the benefit of deducting the full value of their donations. A good example might be someone interested in establishing a new endowed scholarship.
As always, check with your financial advisor or other professional advisor to determine what type of giving is most appropriate for you.
Shopping to support Barton College
In addition to these gift options, you can also support Barton College as you prepare for the holidays! We are sure at least one Amazon shopping trip will be happening this season. Shop at smile.amazon.com and make sure Barton College is your charity of choice!