COVID-19 UPDATE
COVID-19 UPDATE
Coronavirus Aid Relief and Economic Security Act (CARES Act) Important Information for Donors - Updated 1/4/2021
Thank you for ensuring Seton Hill students have the resources they need to continue to be healthy and successful now and into the future. Thank you for helping us all to Hazard Yet Forward.
In its December 2020 bill, Congress extended and expanded charitable write-offs for taxpayers who take the standard deduction instead of itemizing them on Schedule A. But the expansion applies to donations made in 2021. It allows single taxpayers to deduct up to $300 in eligible donations and married joint filers to deduct up to $600. For 2020, the limit remains $300 for both single and joint filers.
Also for 2021, this deduction reduces taxable income but not adjusted gross income. AGI is a key threshold for other tax provisions, such as Roth IRA contributions, the 3.8% surtax on investment income, and income-based Medicare premiums.
In addition, the new law extends the ability of individuals who itemize deductions on Schedule A to deduct donations up to 100% of adjusted gross income through 2021.
Make your gift today. If you would like more information about the CARES Act or how you can support Seton Hill, please contact Lisa Carino, Associate Vice President for Institutional Advancement, at carino@setonhill.edu or 724-838-2409.