Lent Weekly Reflections

Whether or not you itemize deductions on your income tax returns, there are ways to support Catholic Charities that offer certain tax advantages. 

For the 2021 Tax Year, the IRS is allowing a deduction up to $300 of cash donations per person without having to itemize, meaning a married couple filing jointly could deduct up to $600 of donations without having to itemize. This is called an “above the line” deduction.

In addition, you may send your IRA’s required minimum distribution directly to CCKCSJ and avoid its inclusion in your adjusted gross income. Also, Missouri income taxpayers may take advantage of Pregnancy Resource Credits, which are issued for 70% of your donation to support our Children and Family programs.

 

 

Pregnancy Resource Credits

  • For Individuals and businesses who pay Missouri State Income Taxes
  • Supports our Children and Family program
  • Tax credit is 70% of the donation
  • Any taxpayer is eligible (Individuals and businesses)
  • Credits may be carried over for one year to meet Missouri State Income Tax obligation

IRA Required Minimum Distribution (RMD)

  • Individuals that support any Catholic Charities effort
  • Donated RMD is not included in adjusted gross income — no need to itemize
  • May help avoid Medicare high-income surcharge or less Social Security benefit taxation
  • Any taxpayer age 70 1/2 and over
  • Must be transferred directly to Catholic Charities from IRA to be tax-free
  • Avoid risk of 50% penalty for non-compliance

Contact Susan Walker, swalker@ccharities.com or 816-659-8218 for more information about these programs.  Please consult your tax advisor for accurate information as it applies to your situation.

 

 

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