In the Coronavirus Aid, Relief, and Economic Security (CARES) Act—also known as the stimulus package, there have been many tax changes to incentivize your giving. This new law allows all taxpayers to take a charitable deduction of up to $300, even if they do not itemize. Maybe you think a gift of this size would not make a difference, but to some of our students (94% of which are eligible for financial aid) this amount could mean the difference between having to postpone their studies and graduation.
If you do itemize their deductions, the new law allows for cash contributions to qualified charities such as Manor College to be deducted up to 100% of your adjusted gross income for the 2020 calendar year.
Lastly, the new law temporarily suspends required minimum distributions (RMD) from IRAs for 2020. However, it retains the tax advantages of giving directly from your IRA if you are 70½ or older. We hope our donors will consider the wise choice of giving to Manor College from their IRA this year.
Note: Please consult with your advisor regarding these important changes.
If you are ready to donate, please visit manor.edu/donate.