Provisions in the federal CARES (Coronavirus Aid, Relief, and Economic Security) Act may affect your charitable gift. 

Tax incentives for 2020

  • Even if you don’t itemize on your taxes, donors can make an above-the-line deduction to reduce their AGI and consequently taxable income for 2020. The adjustment is available for cash gifts up to $300 per tax filing unit. Cash gifts to Hathaway Brown qualify.

  • The deductibility limit is raised to 100% of AGI for qualified cash donations. For donors who itemize on their taxes, the CARES Act allows for cash contributions to qualified charities such as Hathaway Brown to be deducted up to 100% of your AGI for the 2020 calendar year.

Required minimum distributions suspended

Donors do not have to take an RMD in 2020. 

IRA Gifts

  • Current and future IRA Gifts are still welcome. Donors who are 70½ or older, can make a tax-free gift from your IRA to Hathaway Brown School using a qualified charitable distribution, this year and in future years.
  • Donors can also name Hathaway Brown School as a beneficiary of their IRA.

It's wise to consult with your financial advisor when making a planned gift.

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