End of Year Giving
Year End Giving
As the end of the year approaches, we reflect on the many blessings bestowed upon us. A special year-end gift to Mary Our Queen is an excellent way to thank God for these blessings, allowing us to deepen our relationship with Christ through a tangible act of gratitude and sacrifice.
As you consider your year end donations, here are important provision of the tax code that make it easier for you to give:
- 2021 Charitable Donation Deduction for Standard Deduction Claimers: Taxpayers who claim the standard deduction also have a chance to deduct charitable donations. Taxpayers who take the standard deduction in the 2021 tax year the ability to take an above-the-line $300 federal income tax deduction for qualified charitable contributions. (“Above-the-line” means that the deduction is above line 15 on the 2019 1040 tax form, and will reduce both your adjusted gross income and your taxable income — which, in turn, reduces the amount of federal income tax you owe.) For the 2021 tax year, however, those who are married and filing jointly can each take a $300 deduction, for a total of $600.
- 2021 Incentive for Cash Gifts: In 2021, you may take an income tax charitable deduction for gifts of cash to public charities up to 100% of their adjusted gross income. The 100% of AGI deduction limit permits you to completely offset your income tax liability for 2021 if you make cash gifts equal to your adjusted gross income. The maximum allowable income tax deduction for cash gifts to public charities in 2021 is 100% of Adjusted Gross Income (AGI). This incentive expires on December 31, 2021. After that, this deduction limitation will return to 60% of AGI.
- Gift of Appreciated Securities: A gift of appreciated securities provides the double benefit of an income tax charitable deduction for the fair market value of the securities as well as avoidance of 100% of the long-term capital gains tax. Even if you do not itemize your deductions, you can still avoid the long-term capital gains tax with a charitable contribution of appreciated assets. If you have questions about how to do so, please reach out to your financial advisor.
- Qualified Charitable Distributions: If you are over age 70½, a Qualified Charitable Distribution (QCD) from an IRA remains a simple and highly tax-efficient way to support Mary Our Queen Church. These tax savings are available to you regardless of whether you itemize your deductions. If you are 72 or older and therefore subject to Required Minimum Distributions (RMDs), QCD gifts reduce the required taxable withdrawal. Again, you must be 70½ or older at the time of the QCD transfer. It is not enough for you to turn 70½ in the year of the gift. You must have been 70½ or older on the date of gift.
We are so grateful for your generosity, which allows us to continue our mission of making missionary disciples of Jesus.
May God bless you,
Mary Our Queen
Where Can I Direct my Gift?
- The Christmas Wish List contains special projects and items that would benefit both the church and the school. View the current projects HERE.
- The Sunday offertory for the parish’s general operating expenses.
- Building and Maintenance expenses for the church and school.
We look forward to working with you to ensure you receive the maximum benefit from your gifts.
For further information, please contact the Director of Finance, Betsy Austin, at (402) 905-0020, or baustin@moqchurch.org.
Tax savings depend on completing your gift by Friday, December 31, 2021. Please discuss tax planning with your financial advisor, accountant or attorney. All donations are fully tax-deductible as allowed by law.
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