The Covid-19 Relief Act has been extended into 2021.

  • The 100% income limitation for cash gifts has been extended to 2021.  This limitation – for cash gifts only – means that the donor can deduct an amount up to their adjusted gross income (but can carry forward the excess for up to five years).  This special tax benefit is not available for gifts to donor advised funds or supporting organizations.
  • The $300 Universal Charitable Deduction – available to those who do not itemize on their federal income taxes – has been extended to 2021.  In addition, the law now makes it clear that for gifts after January 1, 2021, the deduction is $300 for a single individual, and $600 for a married couple filing a joint return.  As with the previous law, this deduction is not available for gifts to donor advised funds or supporting organizations.

The Community Foundation of Tampa Bay can offer a few unique options for a charitable giving plan. While a donor advised fund is not an option, creating an endowment to support a specific field of interest, like feeding those who are food insecure is an option. Or even creating an endowment that supports one or more designated nonprofit organizations. The Community Foundation of Tampa Bay’s philanthropic team is here to help you and/or your clients with a strategic philanthropic plan in 2021!