2021 End of year charitable giving

The federal Consolidated Appropriations Act, enacted in December 2020, extended and expanded certain provisions in the CARES (Coronavirus Aid, Relief, and Economic Security) Act designed to help donors and charitable organizations facing economic hardship during the coronavirus pandemic. Below is a summary of key charitable giving tax provisions that may affect you and your charitable goals.

These provisions apply for charitable contributions (non-seating priority donations) made in 2021 to OU Athletics’ initiatives, such as: Inspiring Champions Fund, scholarships, Women of Championship Excellence and facility project funds.

​Temporary Universal Charitable Deduction

Temporary Increase in Individual Income Limitations on Charitable Deductions

For those who do itemize their tax deductions, individual taxpayers may deduct charitable contributions up to 100% of their adjusted gross income in 2021, temporarily replacing rules limiting charitable deductions to 60% or less of a taxpayer’s adjusted gross income. 

Raised Income Limitation on Corporate Charitable Deductions

Corporate taxpayers may deduct charitable contributions up to 25% of their taxable income in 2021, temporarily replacing the rule limiting corporate charitable deductions to 10% of taxable income.

Qualified Charitable Deductions from Inherited Retirement Accounts (“IRAs”)

Individuals age 70 ½ or older may make a qualified charitable distribution up to $100,000 per year from an IRA.  This can be an especially beneficial tax strategy for donors who must take required minimum distributions (“RMDs”) from their IRAs.  Note, however, that RMDs now begin at age 72.

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