New tax incentives Provided by Coronavirus Aid, Relief, and Economic Security (CARES) Act
Current Willamette students and their families are navigating uncharted waters to continue their Willamette education. At the same time, the next generation of students are dreaming of what a Willamette education could mean for them.
We are working hard to ensure each student can access a Willamette education. To keep fulfilling our mission, we need your help.
There are key provisions of the new CARES (Coronavirus Aid, Relief, and Economic Security) Act that are designed to help you, businesses and nonprofits facing economic hardship during the coronavirus pandemic.
The new law allows all taxpayers to take a charitable deduction of up to $300, even if you do not itemize. At this moment, each and every gift we receive supports current and prospective Bearcats.
For those who do itemize their deductions, the new law allows for cash contributions to qualified charities such as ours to be deducted up to 100% of your adjusted gross income for the 2020 calendar year.
The new law temporarily suspends the requirements for required minimum distributions (RMD) for the 2020 tax year. Many of our donors use their RMD to make a gift from their IRA. If you are 70½ or older, you can still make a gift from your IRA or name us as a beneficiary. In addition, there are some new ways you can receive financial benefits and help the charities you care about.
We remain grateful for your generosity, which touches — and changes — so many lives.
Please contact firstname.lastname@example.org if you have questions or want to talk about these options.