Year End Giving
In this season of giving, consider making a year-end gift to our parish in gratitude for all the blessings you have received in life. As you plan to make the most of your charitable donations in 2020, know that we gratefully accept gifts of cash and appreciated assets such as stocks or bonds. Even if you don’t itemize your taxes, because of the new stimulus package passed by Congress, qualified charitable donations up to $300 for individuals may be tax-deductible. The CARES Act legislation also temporarily suspended the limitation on qualified charitable contributions of cash, allowing for a current year deduction (for those who itemize) up to 100% of AGI. This provision is in effect only for the 2020 tax year. And, if you are 70 ½ or older, you may be able to make a gift of a Qualified Charitable Distribution from your IRA that will help us in our ministry and reduce your taxable income. Talk to your advisors and IRA administrator for more information and to be sure that your IRA Qualified Charitable Distribution gift is made directly from an IRA to a qualified charity such as our parish. Questions? Please contact Jake Bihari at jbihari@StAmbrose.us or 330.460.7300.
