Thinking about a year-end gift to BSC?

Giving to BSC has never been easier, thanks to several online tools on our web site and to two parts of the CARES Act that you may not know about.

$300 Above the Line Deduction

Normally, you have to itemize to write off gifts to charity. But the CARES Act gives people who don’t itemize a way to make a gift of up to $300 in cash and reduce their adjusted gross income by that amount while still claiming the standard deduction.

Put another way, if you want to make a stretch gift to support the causes you care most about this year – to help them recover from the impact of the shutdown – this above-the-line option allows you to do that, even if you don’t itemize.

Click here to make a gift to the fund or program that means the most to you. To make a pledge payment, click here.

Gifts of Stock

The stock market has had a tumultuous year. Even so, now might be the best time to make a gift of stock, because trends can change at any moment. Donating stocks today ensures you can take advantage of highs, make the kind of impact you want to make with your gift, and likely enjoy significant tax savings.

And if you itemize your taxes, the CARES Act allows you to deduct cash gifts valued at up to 100 percent of your adjusted gross income this year. That allows to help the causes you care most about in a truly powerful way in 2020. Click here for easy instructions on stock gifts.

Donor-Advised Funds

Many people set up Donor‐Advised Funds at places like Vanguard, Fidelity, or their local community foundation before the 2017 tax code changes took effect. This means you front-loaded tax savings by taking an immediate deduction in the year in which you feed that fund with cash, stock, or other assets. Now, you get to enjoy recommending grants from the Donor-Advised Fund to support organizations you believe in.

If you have a Donor-Advised Fund, you’ve already taken the deduction, so you can just enjoy supporting the causes that matter to you — at a time when the need is truly great. Visit here to use our online DAF tool.

IRA Charitable Rollover

If you are at least 72 and have an IRA, you are required to take a distribution every year. But the CARES Act waived that requirement for 2020.

You can still redirect your IRA distribution to charity – up to $100,000, and up to $200,000 for married couples. You don’t get a deduction, but you also don’t take those funds as income, and so you avoid paying tax on them.

With so many charities hit hard by COVID, it’s a great way to help then in 2020. So if you’re thinking about a stretch gift, the IRA Charitable Rollover allows you to do that. Click here for our online tool.

However you choose to give, your gift makes a difference on the Hilltop.

This content is for information purposes only, and should not be construed as legal, tax, investment, financial or other advice. Birmingham-Southern College recommends seeking qualified professional advice for your personal situation.