CARES Act
Priests of the Sacred Heart continues to move forward with its important work. In response to the current situation, Congress recently enacted several tax law changes.

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Ideas for Giving and Moving Forward in 2021

The Priests of the Sacred Heart continue to move forward with their important work. In the midst of all that is going on, many of our friends and supporters are looking forward to the future when they can enjoy community with friends and resume their regular activities. In response to the current situation, Congress extended some of the COVID relief tax changes to 2021.

While Congress did extend some incentives for giving in 2021, the waiver for required minimum distributions from IRAs was not. You may want to consider giving from your IRA to public charities such as the Priests of the Sacred Heart. Fortunately, the law remains that IRA owners age 70½ and older can make a charitable rollover gift of up to $100,000 from their IRA to public charities, this charitable IRA rollover will count toward their RMDs.

Your benefits:

  • Satisfy your required minimum distribution (RMD) for the year.
  • Reduce your taxable income, even if you do not itemize deductions.

The Priests of the Sacred Heart has created this page to offer resources for helping you with your tax planning while offering some ideas for you to consider if you are thinking about making a gift in 2021.

1. 2021 Giving Incentives

The CARES Act passed in 2020 included several charitable tax provisions to encourage giving. Congress has extended these provisions for 2021 including:

  • A deduction for charitable donors who do not itemize when filing their tax returns. If you do not itemize, but make a cash gift to charity, you will be allowed to take a special tax deduction up to $300 ($600 for joint filers) to reduce your tax liability.
  • An increase in the deduction limit up to 100% of a donor's annual income for cash gifts (previously the deduction was capped at 60% of annual income). If you make a gift you will be able to deduct more this year.

2. Donor Advised Funds

If you have a Donor Advised Fund (DAF) and wish to help the Priests of the Sacred Heart this year, you can make a gift from your DAF to support our work without affecting your personal financial security.

3. Charitable Gift Annuities

If you are concerned about your financial security, given the ups and downs of the stock market, you may want to consider funding a Charitable Gift Annuity with Sacred Heart. You can exchange your low-performing stock, CDs or cash for guaranteed, lifetime fixed payments. When making a gift of an appreciated asset, you will not have to pay capital gains up front, when you fund the annuity. You may also benefit from a tax deduction this year and a portion of your payments could be tax-free.

4. Charitable Bequests

Many of our friends are updating their estate plans. If you would like to support our mission with a charitable bequest, we can help. Please contact Pam for a copy of our free estate planning guide and bequest language. Please contact Pam at 1-866-268-0157 or at pmilczarski@poshusa.org for assistance.

Let us help you with your estate gift plans. I need more information about ways to give

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