Give to WSU Today
Gifts of all sizes are important to the University’s ability to provide students with a quality educational experience and to enable faculty to pursue cutting-edge research opportunities. For more information about how to give to WSU, contact the WSU Foundation at 800-448-2978 or by email at email@example.com.
There are many ways you can support Washington State University, including:
- Give Online
- Cash Gifts
- Non-Cash Assets
- Matching Gifts
- Gifts that Pay You Income
- Endowed Gifts
Other ways to support Washington State University include:
CARES Act Tax Incentives for 2021
Some key charitable provisions of the CARES act have been extended or modified for 2021.
First, for people who itemize their deductions, the CARES Act provision has been extended for 2021 increasing the limitation on cash contributions to public charities to 100% of adjusted gross income (AGI). Donors can elect this treatment for each eligible cash gift. Otherwise, the gift will be subject to the usual 60% of AGI limitation.
Second, for people who do not itemize, the law extends and modifies the charitable deduction available for cash gifts made to public charities. For 2021 only, single filers may again deduct up to $300 and joint filers may now deduct up to $600.
What about IRA Qualified Charitable Distributions (QCDs) for donors over 70 1/2? One provision of the CARES Act that the new law did not extend is the suspension of the required minimum distribution from most retirement plans. Starting this year, owners of IRAs, 401(k)s and other defined contribution retirement plans who are 72 or older will once again have to withdraw a required minimum amount from their plan. If donors would prefer not to recognize the income on their taxes in 2021, they have the option of making Qualified Charitable Distributions (QCDs) directly from their IRA to the charity.
We Can Help!
Contact the WSU Foundation Gift Planning team at 509-335-7883 or firstname.lastname@example.org to learn more about the renewed and expanded tax incentives for 2021.