Season of Generosity
We invite you to please join All Saints’ Episcopal Church as we begin our Season of Generosity. We have much to be thankful for even in these unsettled and trying times. All Saints’ has been a presence and stable place of communion and faith since 1900, and with your help, it will continue being such a spiritual source of comfort for generations to come.
As we look back on 2020, the 120th anniversary year of All Saints’, we see a community in which the members care deeply for one another. We’ve learned new skills and found ways to worship together and support each other while coping with the current pandemic. God has given us resources and talents and we’ve used them well.
Please know that any amount given to All Saints’ is most appreciated and put to good use. A pledge, however, is a spiritual commitment, a financial gift to support us as the body of Christ. A pledge becomes part of the annual budget, and it supports everything we do – from paying the salaries of our clergy and staff to supporting our worship, our educational programs, our music, our pastoral care, and our outreach.In order to know what we can do each year, we need pledge commitments to develop an annual budget. Every pledge, in any amount, makes a valued contribution to our mission and ministry. We ask each parishioner to prayerfully consider making a pledge that is both responsible and significant based on their financial situation.
SEASON OF GENEROSITY VIDEOS
To play a recording, press the arrow in the middle of video. To see the list of videos, choose the playlist icon in the upper right corner of the video (the icon looks like three lines with an arrow), then choose a video from the list.
Qualified Charitable Distributions (QCDs)
Note: All Saints' is not a financial or tax advisor. Donors should consult their advisors to determine if QCDs are appropriate for their situations.
The Coronavirus Aid, Relief and Economic Security Act, or CARES Act, signed into law on March 27, 2020, includes several provisions that may affect charitable giving this year.
A QCD is generally a nontaxable distribution made directly by the trustee of your IRA (other than a SEP or SIMPLE IRA) to an organization eligible to receive tax deductible contributions. All Saints’ is a qualified charity and All Saints’ will send you a letter acknowledging your QCD contribution.
If your IRA includes nondeductible contributions, the distribution is first considered to be paid out of otherwise taxable income.
You must be at least 70.5 years of age when the distribution was made. Also, you must have the same type of acknowledgment of your contribution that you would need to claim a deduction for charitable contribution. See Records To Keep in IRS Pub. 526.
The maximum annual exclusion for QCDs is $100,000. Any QCD in excess of the $100,000 exclusion limit is included in income as any other distribution. If you file a joint return, your spouse can also have a QCD and exclude up to $100,000. The amount of the QCD is limited to the amount of the distribution that would otherwise be included in income.
QCDs can be counted toward satisfying a person’s required minimum distributions (RMDs) for the year, as long as certain rules are met. It is important to note that the IRS has waived the Required Minimum Distribution for those over 70 for 2020 and may extend that waiver for 2021. Though not required to take any RMDs for 2020, a donor may do so, and may direct the distribution to All Saints’.
Under the CARES Act it is still possible for donors who are 70.5 or over to contribute up to $100,000 directly to a qualified charity without paying tax on the distribution.
Please consult your financial advisor and/or tax professional with any questions about using this type of donation.
Contact Mayra Guevara, All Saints’ bookkeeper, before QCD distribution is sent.
512-476-3589, ex. 103, [email protected]
CARES Act Charitable Giving Incentives
April 8, 2020, updated April 1, 2021
New charitable deduction for taxpayers who do not itemize. Beginning in 2020, individuals can deduct $300 in charitable contributions even if you do not itemize. Donations must be made in cash (check or credit card). Gifts of appreciated securities and gifts to a donor advised fund do not qualify.
No cap on charitable deductions for taxpayers who do itemize. For 2020, the 60% cap on contributions is lifted, and donors may deduct up to 100% of their income. This is a significant tax savings for anyone able to contribute larger amounts. Again, this is only for gifts of cash (checks or credit cards) and only for gifts made directly to charity (not to donor-advised funds).
No required minimum distributions, but qualified charitable distributions still possible. The CARES Act eliminates required minimum distributions (RMDs) from many retirement plans in 2020, but they apply in 2021. However, under the CARES Act, it is still possible for donors who are 70½ or over to contribute up to $100,000 directly to a charity without paying tax on the distribution for 2020 only.
The CARES Act is a complex new law. You should always consult with your professional financial advisors before making a gift.
Stocks, Bonds, Mutual Funds
Donating long-term appreciated securities is a win-win for the donor and the Church. All Saints’ receives the full gift and the donor is able to deduct the full, fair-market value as a donation without paying taxes on the gains. (Some limitations may apply, and All Saint’s does not provide financial advice, please consult your tax advisor or financial advisor prior to making such a donation).