Changing Our World’s Jim Friend, Anna Vallez, and Fred Roberts host a discussion with Catholic schools in the Archdiocese of Seattle, Archdiocese of Philadelphia, and the Diocese of Allentown for a conversation on their strategies for #GivingTuesday.
Our guests today include:
- Rebecca Arcarese, Our Lady of Guadalupe Catholic School, Seattle, WA
- Paige Banks, Bellarmine Preparatory School, Tacoma, WA
- Patricia Decker, St. Hubert’s Catholic High School for Girls, Philadelphia, PA
- Mark Napierkowski, Mercy School for Special Learning, Allentown, PA
- Erin Oest-Larsen, St. Joseph School, Seattle, WA
- Allie Thomas, O’Dea High School, Seattle, WA
As referenced on today’s podcast, here is an important update regarding the CARES Act…
Did you know that the CARES Act has changed charitable deduction allowances? Individuals are allowed increased deductions for 2020 charitable contributions. Individual taxpayers who do not itemize their deductions are allowed a $300 above-the-line deduction. For those who itemize, the AGI limitation for deductions of cash contributions is increased to 100% of 2020 adjusted gross income (up from the normal 60%). The new provisions only apply to cash contributions and are not applicable for donations to donor-advised funds, private non-operating foundations and supporting organizations. Note also individuals subject to the required minimum distribution requirements for IRAs and other qualified plans are not required to take an RMD for 2020.