NEW LAW: Special rule for contributions in 2020 only!
For cash contributions you make in 2020, you are allowed to deduct up to 100% of your adjusted gross income. And, even if you do not itemize your deductions in 2020, you still can reduce your taxable income by up to $300 to offset cash contributions. Learn more about the CARES Act.
Some of the most common ways to make a gift to Jewish Federation of Omaha Foundation are to write a check, give a credit card number, or donate online.
A gift of cash could be right for you if:
- You want the easiest way to donate to JFOF.
- You want the largest possible tax deduction for your gift.
- You would like to make the gift to JFOF that has the greatest immediate impact.
How it works
You make a gift of cash directly to JFOF and you receive an income tax deduction.
What is an outright gift of cash?
An outright gift is any gift where you make a gift to Jewish Federation of Omaha Foundation. The most common way for donors to make an outright gift is to write a check payable to the charity.
Gift provides immediate support
Unlike some other gift arrangements, your outright gift will provide resources that JFOF can put to immediate use. If you prefer to restrict our use of your gift in any way, please contact us so that we can be sure that we carry out your wishes.
This is the simplest way to make an outright gift. Just write a check payable to Jewish Federation of Omaha Foundation. You may deduct the full amount of your donation up to 60% of your adjusted gross income. You may carry forward all unused deduction for up to five additional years. Most people when asked for a gift think of the amount available to them in their checking or savings accounts. You may also make a cash gift using your credit cards.
Susan McNeil would like to make an immediate $15,000 gift to Jewish Federation of Omaha Foundation. Susan could write a check for this amount and earn a charitable deduction equal to $15,000. Alternatively, Susan could make a gift using her credit card by calling us on the phone, responding to a mailing, or by donating online through our website. Gifts of checks and gifts made via credit cards are considered cash gifts.
- Susan may deduct up to 60% of her adjusted gross income for her gift of cash.
- If Susan cannot use the entire deduction in the year of gift, she may carry the balance forward for five additional years.
- Assuming she can use the entire deduction, Susan will earn an income tax charitable deduction of $15,000, which will save her $5,550 (37% tax).
- Susan will gain the satisfaction of making a $15,000 gift to JFOF.