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Impactful Giving with the CARES Act

KUT and KUTX listeners are committed to this important community service. Many of them support the stations financially as members and they never fail to step up in tough times. This has been especially true during the pandemic.

Earlier this year, Congress passed the CARES Act to aid in the economic recovery of our communities. Through specific provisions of the Act, Congress encouraged charitable giving in 2020 for those in our community who are able. By taking advantage of these unique opportunities – only available this year – you can make a huge impact on KUT and KUTX and other charitable organizations.

The CARES Act: Get More and Give More in 2020

  • The CARES Act allows all taxpayers to take a charitable deduction of up to $300, even if you do not itemize. In plain English, if you donate up to $300 in cash to a qualified charitable organization, KUT and KUTX, your adjusted gross income (AGI) will be reduced by up to $300 — and you can still claim the standard deduction.
  • For those who do itemize their deductions, the new law allows for cash contributions to qualified charities such as KUT and KUTX to be deducted up to 100% of AGI, up from 60% previously. This might be a good year to bunch multi-year gifts or make large cash gifts to maximize both your deduction and impact on the causes that matter to you.
  • The CARES Act waives the required minimum distribution (RMD) rules for individual retirement accounts (IRAs), but for 2020 only. Nonetheless, IRA owners over age 70½ can still give up to $100,000 directly from their IRA to KUT and KUTX and pay no tax on the distribution.

Public radio is powered by you. If you have questions about supporting KUT and KUTX, please do not hesitate to reach out to us at membership@kut.org.

KUT Federal EIN: 74-6000203

IRS Circular 230 Notice: KUT Public Media and The University of Texas at Austin do not provide legal, tax or financial advice. Consequently, we urge you to seek the advice of your own legal, tax or financial professionals in connection with gift and planning matters. This information is not intended to be used and cannot be used for the purpose of avoiding tax-related penalties.