Giving - Office of Development and Alumni Relations

2021 tax deduction opportunities for year-end giving

December 31

In March 2020, the CARES Act was signed into law to help provide relief and economic security from the implications of the coronavirus to families, individuals, organizations, and businesses. As this year nears to a close, please keep in mind two key components of the CARES Act that have been extended through 2021 and may impact your end-of-year giving decisions:

  • All 2021 individual taxpayers can deduct up to $300 above the standard deduction for charitable contributions, even if they have no other itemizations. New in 2021, the amount for couples filing jointly is $600.
  • All 2021 individual taxpayers will be able to deduct cash gifts up to 100% of their adjusted gross income for gifts made through December 2021.

In 2020, all required minimum distributions (RMDs) from IRAs were waived. However, these RMDs resumed in 2021 for people who are 72 years and older. For those who are 70 ½ or older, you can make charitable gifts of up to $100,000 cumulatively per year directly from your IRA. While there is no tax deduction for such gifts, you will not have to pay income tax on these distributions, and they can count against your RMD.  You will need to contact your IRA administrator to get authorize the transfer.

More details on the CARES Act can be found here. You may contact the USF Foundation Office of Gift Planning at 813-974-8761 or speak to a USF Health development officer by emailing