All About Giving

2021 Stewardship Drive - "Giving in Gratitude"

Enter your pledge for 2021 with our handy online form.

Donating to St. Paul

You can get your donations to us in many ways:

  • Mail it to the church
  • Drop it in the locked mailbox outside the office door (southwest corner of the building)
  • Donate online at our donation page
  • Use the GivePlus+ app
  • Text it to us -- just text the dollar amount to 630-755-6337

All online donations and the app are managed by the same company that we have been using for many years. If you need any help with setting up your online donation or using the app, please don't hesitate to contact the office.

Read these helpful instructions on using our online giving portal.

Watch these videos all about online donations 

 


What the CARES Act means for your charitable giving 

In March 2020, the Coronavirus Aid, Relief and Economic Security (CARES) Act was enacted.  You may have heard of many of the provisions of the Act meant to aid small businesses and State and local governments facing hardship due to the COVID-19 situation.  In addition, the bill provides increased tax incentives for charitable giving in hopes of stimulating philanthropy throughout America.  The window for taking advantage of these changes closes on December 31, 2020. 

Are you itemizing deductions? (you plan on using Schedule A as part of your Form 1040) 

For those donors who itemize their deductions, and therefore directly write off gifts to charity, the deduction cap has been raised to 100% of adjusted gross income (earlier cap was 60%).  For example, if John Taxpayer has an AGI of $175,000, he would normally be able deduct up to $105,000 for gifts to charity.  With the temporary changes in the CARES Act, John could now deduct up to his full AGI of $175,000 if he gives that much to charity in 2020. 

Not itemizing? (you do not plan on using Schedule A as part of your Form 1040) 

For the over 9 out of 10 people who no longer itemize their charitable giving, the CARES Act will allow these individual taxpayers to deduct donations to charity of up to $300 on their 2020 federal tax return, even though they take the standard deduction.  Married-filing-jointly taxpayers will get an above-the-line deduction of up to $600. 

What about IRA Qualified Charitable Distributions (QCD)?

The CARES Act did not change the rules around the QCD, which allows individuals over 70½ years old to donate up to $100,000 in IRA assets directly to charity1 annually, without taking the distribution into taxable income. 

However, remember that under the CARES Act an individual can elect to deduct 100% of their AGI for cash charitable contributions. This effectively affords individuals over 59½ years old the benefits similar to a QCD; they can take a cash distribution from their IRA, contribute the cash to charity, and may  completely offset the taxes attributable to the distribution by taking a charitable deduction in an amount up to 100% of their AGI for the tax year.  If you’re planning a large donation in 2020, this may be a smart strategy if you are between the ages of 59½ and 70½ and are not dependent on existing retirement funds. 

Note:  It is recommended that you talk with your tax advisor to discuss your financial situation.