NEW: Support Our Students and Earn a Tax Break Under the New CARES Act

Through the $2 trillion COVID-19 stimulus package known as the CARES Act, the Federal Government has just provided all taxpayers with a new financial incentive for Americans to give easily and generously to qualifying charities, including Earn to Learn. This universal tax break goes into effect starting with the 2020 tax year. For taxpayers, this is an above-the-line deduction for up to $300 in charitable donations made in 2020.

This means when you give $300, you get the $300 tax break in addition to the standard deduction. This is your special opportunity to give to qualifying charities who are working to improve the lives of Arizonans during this unprecedented COVID-19 health and economic crisis.

Here’s what you need to know how your gift to Earn to Learn will impact your taxes, whether you are taking the standard deduction, itemizing your deductions and/or participating in corporate giving:

1. Standard Deduction
The CARES Act allows those taking the standard deduction to take an additional “above-the-line” tax deduction for contributions made to qualified charitable entities up to $300 per year starting in 2020. The 2020 standard deduction is $12,400 for individuals and $24,800 for married couples filing jointly, so any donation to qualifying charities of up to $300 will be added to the standard rate of deduction. This deduction is here for 2020 and beyond.

2. Itemized Deductions
Under the CARES Act, those who file itemized deductions will be allowed to take a tax deduction of up to 100% of their Adjusted Gross Income (AGI) for contributions to qualifying charities starting in 2020. The new law temporarily lifts the limits on charitable giving from 60% of a taxpayer’s AGI to 100% for 2020.

3. Corporate Giving
For corporate donors, the CARES Act allows an entity to take a tax deduction of up to 25% of their Adjusted Tax Income for contributions to qualifying charities starting in 2020. The new law temporarily lifts the limits from 10% of adjusted taxable income to 25% for 2020.

We hope you find this information helpful. As always, we thank you for being such an important part of our Earn to Learn students’ success, and we sincerely look forward to brighter days ahead for us all.

Thank You APS!

Thank you Arizona Public Service – APS for leading a great information session on summer internships and for the invaluable resume and interviewing tips to prepare for the ASU Career Fair!

GTL Alumni Excellence Award Winner Kate Hoffman

Attending college is at the heart of the American Dream, but for an increasing number of students that dream feels out of reach. After spending many years in the financial services sector, Kate Hoffman created Earn to Learn to give students every opportunity to achieve the dream of a college education. It’s also the reason she was named the 2020 Greater Tucson Leadership Alumni Excellence recipient.

Hoffman was struck by the challenge of college access and affordability as she went through the Greater Tucson Leadership (GTL) class of 2008. Taking part in the organization’s monthly issue days, she was inspired to help make college financially accessible to students and disrupt the cycle of poverty for those families.

“Many students come from families where college was never an option. Earn to Learn helps them see that college is possible.” – Kate Hoffman, Earn to Learn founder

Using the relationships she’d forged through GTL and sheer perseverance, Hoffman built partnerships with several local organizations and launched a first-of-its-kind college matched savings program. Hoffman collaborated with Arizona’s three public universities to launch Earn to Learn, the largest and most successful college matched-savings program in the country. Recently, Earn to Learn has expanded to serve students at Pima Community College and Maricopa Community College District.

Earn to Learn combines student savings with scholarships, financial education, and success coaching to help low- to moderate-income and diverse students obtain a college education and graduate ready to enter the workforce with little or no student loan debt. Students and their families who income-qualify save $500 each year. These funds are matched 8:1, bringing their total scholarship award to $4,500 per academic year to help offset the cost of attendance.

“Kate’s passion for creating a path for student success is a huge benefit for the region and for the state.” – Amber Smith, Tucson Metro Chamber of Commerce president

Earn to Learn has impressive stats. Most significantly, Earn to Learn students on average are graduating with less than $5,000 in student debt, compared to the national average of more than $30,000. Students have saved and invested nearly $3M in their education and have earned an additional $24M in additional grant aid through the program’s 8:1 match. Earn to Learn has provided nearly 35,000 hours of personal finance training to approximately 5,000 students in Arizona. The projected 6-year graduation rate is approaching 80%. As a point of comparison, the national 6-year graduation rate for the Pell eligible target population is 39%, according to reports from the Department of Education.

“Kate has impacted thousands of students and their families. Her accomplishments show all of us that we can be change agents if we and have the passion to see it through.” – Adam Begody, Chamber senior account executive

While the bulk of Hoffman’s time is dedicated to Earn to Learn, she also makes time for her community. She’s served on the GTL Governing Board, the Tucson Hispanic Chamber Foundation Board, Tucson Values Teachers, and the Child and Family Resources Board, to name just a few. When asked about receiving the Alumni award, Hoffman was modest. “For me, this is a really exciting honor,” she said. “GTL has meant so much to me. I’m just honored and grateful to receive this award.”

Thank you Texas Instruments!

Thank you Texas Instruments for hosting ETL’s University of Arizona savers! The students loved the opportunity to hear more about TI, see some of the engineers in action and learn about TI’s mentorship program.
“Being able to learn about what a TI engineer does every day inspired and motivated me to continue to pursue electrical engineering. It made me really excited about the future of my field!” ~Brenda, UA Earn to Learn Saver

Thank You El Rio Health!

El Rio Health hosted our second annual Workforce Development Reception tonight with students from the Earn to Learn Program. The students were introduced to the many areas of service and career paths here at El Rio Health including Information Technology, Finance, Nursing, Health & Wellness, Marketing, Human Resources, Pharmacy, Behavioral Health and Medicine. Earn to Learn partners with the U of A, ASU, and Northern Arizona University to help eligible students that are able to save $500 with a university match of $4,000 to help make college affordable. Thank you to the Earn To Learn staff and students for joining us tonight!

Claim tax credit with gift to Earn to Learn

Good news! Earn to Learn is now a Qualifying Charitable Organization with the state of Arizona. Now, you can claim a dollar-for-dollar credit on your Arizona state taxes by donating to Earn to Learn.  You don’t have to itemize to participate!

What’s more, you can still claim these credits on your 2017 return if you make a contribution by April 17, 2018!

Your tax credit can be up to $400 for an individual or $800 for a household filing jointly. This credit can be claimed in addition to any tax credits for gifts to public and private schools.

Keep your taxes in your community by supporting an organization you choose.

Make your contribution to Earn to Learn online, or send it to: Earn to Learn, 4830 E. Fifth St. Suite 215, Tucson, AZ 85711.

Thank you for investing in college success!

For more information click here, and always consult your tax professional.