2020 CARES Act Information

As we approach the end of 2020, we want to make sure you are aware of some advantageous provisions put into place through the 2020 CARES Act. These provisions are set to expire on December 31 and may impact your charitable giving to Guerin Catholic:

  • This legislation allows for all donors to take up to a $300 charitable tax deduction even if you do not itemize deductions.
  • For donors who do itemize their deductions, the provisions allow for cash contributions to charitable organizations such as Guerin Catholic to be deducted up to 100% of your adjusted gross income for the year.
  • If you own assets that have increased in value, such as stocks, your savings could be even greater if you donate them to Guerin Catholic. Most long-term capital-gain property continues to be deductible at the full fair market value. Click here for a gifts of stock form.
  • While the required minimum distribution from retirement plans such as IRAs can be delayed until 2021, donors age 70 1/2 can still donate up to $100,000 directly to a charitable organization from an IRA without realizing it as taxable income.

To learn more about how the CARES Act impacts your own personal financial situation, please contact your professional tax and financial advisor(s). Please note that this reminder of the provisions of the CARES Act should not be considered tax advice.

Thank you for considering Guerin Catholic when thinking about your year-end charitable donations. Your generosity helps to advance the mission of Guerin Catholic and makes it possible for us to be accessible, affordable and available to all!

Click here to make a year-end gift

If you have questions, please contact Lori Norris, Vice President of Institutional Advancement at 317.582.0120 ext. 216 or lnorris@guerincatholic.org.