The University of Illinois at Chicago Gift Planning :: Educating Generations

University of Illinois System Unites to Fight COVID 19

As we all confront this threat and our new reality, we wish you and your loved ones good health and safety.

CARES Act Provides Relief for Individuals and Businesses

Legislation known as the CARES Act, designed to rescue the economy from the effects of the coronavirus pandemic, was passed by Congress and signed into law by the president on March 27, 2020.

Required Minimum Distributions Waived in 2020

Under the CARES Act, for the year 2020 there will be no mandatory distributions - no matter the age of the account owner.

New Charitable Deduction Available for Non-itemizers

Under the CARES Act, taxpayers who do not itemize their deductions will be able to claim a charitable deduction of up to $300 for cash donations made in 2020.

Deduction Limits Increased for Cash Gifts

The CARES Act allows you to deduct a large cash gift to the extent of your entire adjusted gross income.

Penalties Waived for Retirement Account Withdrawals

If you are under the age of 59½ and withdraw money from your retirement plan to cover expenses incurred by you or a family member related to treatment of the coronavirus, the 10% tax penalty will not apply.

Photo of band students playing instruments

Increased Charitable Deduction Limits for Corporations

For 2020, the contribution limit has been raised to 25% for cash contributions.

We Welcome Your Questions
Email us or call Jason James Shuba at (312) 585-9038.

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