The Coronavirus Aid, Relief, and Economic Security (CARES) Act offers an unprecedented tax benefit, making this the best time for cash gifts in American philanthropic history. However, the CARES Act tax advantages end December 31.
Giving and the CARES Act
To learn more, please contact Tim W. Ueber, director of planned giving, at (317) 274-0187, or at email@example.com.
Potentially eliminate income tax in 2020
Adopted in March as a response to the economic challenges posed by the coronavirus pandemic, the CARES Act includes an important provision related to charitable gifts.
Donors of cash gifts to public charities, such as IU School of Medicine, can deduct the amount of the gift up to 100% of their gross adjusted income (AGI).
Previously, deductions were allowed only up to 60% of AGI.
But time is running out to take advantage of this tax benefit.
Only cash gifts made in 2020 to support public charities like IU School of Medicine are eligible to receive this remarkable tax benefit.
Such large cash gifts may enable donors to dramatically reduce or eliminate their 2020 federal income taxes. Please consult with your tax, financial and legal advisors.
Now's the time to consider creating your legacy with IU School of Medicine through a large cash gift in 2020.
Create your legacy
Consider creating any one of the following endowments that will forever bear your name:
|MINIMUM FUNDING LEVEL||ENDOWMENT TYPE|
|$100,000||Research fund or scholarship to support medical students|
|$1 million||Full professorship|
Lifetime Cashflow Projection
A lifetime cashflow projection can help you decide if you're in a financial position to make a large outright gift while maintaining sufficient assets and income to support you for the rest of your life.