Michigan Acknowledgment by Charitable or Educational Institution of Receipt of Gift
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How to fill out Acknowledgment By Charitable Or Educational Institution Of Receipt Of Gift?
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FAQ
This deduction is not added back to reach Michigan taxable income. For tax year 2021 a $300 (single) or $600 (joint) charitable contribution deduction is not deducted to arrive at adjusted gross income (AGI), but is instead deducted to arrive at federal taxable income.
(1) ?Gift? means a payment, advance, forbearance, or the rendering or deposit of money, services, or anything of value, the value of which exceeds $25.00, as adjusted under section 19a, in any 1-month period, unless consideration of equal or greater value is received therefor.
The gift makes up a large percentage of your income. Your deduction for charitable contributions is generally limited to 60% of your AGI. For tax years 2020 and 2021, you can deduct cash contributions in full up to 100% of your AGI to qualified charities. There are limits for non-cash contributions.
A written gift acceptance policy can help manage the expectations of donors (while treating them with respect) and also serve as guidance for board and staff members who are on either the asking or receiving end of contributions.
Our federal tax ID number is 38-6006309. Your gift may provide you with federal and state income tax benefits: If you itemize deductions on your federal income tax return, you may be able to deduct your contribution to U-M from your adjusted gross income.
Charitable donations to universities are tax-deductible, meaning that donors can claim a deduction on their federal income tax returns for the full value of the donation. This can result in significant tax savings for donors, especially those who make large donations.
The University of Michigan has 501(c)(3) non-profit tax exempt status; our federal tax ID number is 38-6006309.
