human-I-T was thrilled to learn that both our individual donors and corporate sponsors may be entitled to additional tax benefits through the CARES Act passed by the United States Congress in late 2020. If you made a monetary donation to our organization in 2020 or are interested in making a gift in 2021, read on!
Under the CARES Act, tax filers who do not itemize their deductions can nonetheless claim an “above-the-line” $300 tax deduction for cash contributions to qualified charitable organizations in 2020. This deduction has been extended through 2021 and doubles the deduction for married filers to $600. Contributions to donor-advised funds and supporting organizations don’t qualify for the deduction. The CARES Act also loosened the limitations on charitable deductions for cash contributions made in 2020, boosting it from 50% to 100% of Adjusted Gross Income (AGI). Cash contributions remain limited to the excess of AGI over the amount of all other charitable contributions. Any excess cash contributions are carried forward to later years.
If you represent a company that granted human-I-T a corporate sponsorship in 2020, please note that the CARES Act also includes a provision that increases the limitation on corporations’ cash charitable contributions from 10% of taxable income to 25%. The CAA extends this provision through 2021. Any excess corporate cash contributions will be carried forward to subsequent tax years.
If you made a monetary donation to our organization in 2020, we want to express our deepest gratitude for your support. Donors like you played an integral role in empowering human-I-T to have our greatest year of impact to date. We distributed over 51,000 laptops to low-income households in 2020 – that’s more than 135 computers donated per day! Interested in providing human-I-T with a gift in 2021? Follow this link to make a donation in less than 5 minutes.