Helpful Tips for Giving Back
We’re here to help. And part of that is helping you help others. As health care professionals, helping is a key value we know you share. Now is a great time to help ACPHS students by making a gift to support one of the many programs and opportunities at the College that align with your own interests and values.
We wanted to give you some information about how the CARES Act, passed in March of 2020, may present you with opportunities to save on your taxes, while making a positive impact on our students now and in the future.
Below are some specific aspects of the CARES Act that impact donors:
Additional income tax charitable deduction: Donors who do not itemize can deduct cash gifts (including gifts by check, credit card, or electronic funds transfer) up to $300 above the standard deduction for charitable contributions (per household).
Increase in AGI limit for donors who itemize: If you itemize on your tax bill, you can deduct cash gifts to public charities of up to 100% of your adjusted gross income (AGI). This deduction may be reduced by other itemized deductions, but any unused deduction can be carried over for up to five additional years.
No “RMDs” from pension plans: For individuals with IRA accounts, 401(k)s and other defined benefit pension plans, the CARES Act has suspended required minimum distributions (RMDs) this year. However, giving pre-tax funds out of your IRA will still lower your future tax burden compared to giving cash. If you’re 70.5 or older, giving from your IRA is still a tax-savvy way to support your favorite causes this year! If you’re interested in giving from your IRA to ACPHS, we have a free tool to help you learn more, get started on your gift, or request a tax acknowledgment letter for a gift you’ve already made. Go to FreeWill.com/QCD/ACPHS to get started.
If you have any questions about these tax law updates as they relate to ACPHS, feel free to reach out to the Office of Institutional Advancement. Otherwise, you can always contact your tax adviser to consult on your specific circumstances.