Ticket Return Form
Your tax-deductible gift will be recognized as part of the MSMT Lifeline Fund for 2020-2021.
This year you can get greater benefit from your giving.
The new stimulus bill includes the following changes to charitable giving:
- If you do not itemize your deductions, and give up to $300 to charity in a year, you can add up to $300 to the standard deduction. This is an above-the-line deduction, which means it has the added bonus of decreasing your adjusted gross income so you could qualify for other tax breaks. In order to qualify, you have to give to a qualified charity, which does not include a donor advised charitable fund. This covers all of 2020 and the years to come. Section 2204.
- If you itemize your deductions, for 2020 you can now deduct 100% of your charitable contributions from your adjusted gross income (up from the previous 50% cap). If you have a business, the 10% limit has been increased to 25%. This only applies to cash gifts to public charities and is not applicable to private foundations or donor advised funds. Though donor advised funds are managed through public charities, you do not get a higher deduction rate for donating cash to these funds. Section 2204.