Have you Revised Your Online Giving to Reflect Your 2020 Pledge? Many thanks to those who increased their pledges for 2020 vs. 2019. Please remember to reflect this change to your online account.
Per Capita Reminder: Have you paid your per capita for 2020? Each year FPC Libertyville is required to pay a fee to the Chicago Presbytery to fund their operations along with the Lincoln Trails Synod and the General Assembly. This year’s fee is $36 per member.
CARES Act: The Coronavirus Aid, Relief, and Economic Security Act includes temporary charitable giving incentives that can benefit you and the church.
New Charitable Deduction Limits: Individuals who itemize can deduct much greater amounts of their contributions. Individuals can elect to deduct donations up to 100% of their 2020 Adjusted Gross Income (AGI) (up from 60% previously).
Required Min. Distributions Waived in 2020 for Most Donors: Required Minimum Distributions (RMD) schedule to start in 2020 can be delayed until 2021, including distributions from defined benefit pension plans and 457 plans. This change may dampen somewhat the incentive for a donor to make a Qualified Charitable Distribution (QCD) from their IRA in 2020. Even so, making a QCD this year will still allow itemizers and non-itemizers alike to direct up to $100,000 from their IRA to charities in a tax efficient manner.
New Deduction Available: Available to people who take the standard deduction (for taxpayers who do not itemize their deductions), individuals can deduct up to $300 taxpayer ($600 for a married couple) in annual charitable contributions. This is It is an “above the line” adjustment to income that will reduce a donor’s adjusted gross income (AGI), and thereby reduce taxable income. A donation to a donor advised fund (DAF) does not qualify for this new deduction.
God Has Included You in His Will…Have You Included God in Yours? The FPC Libertyville Endowment Program is here to help. For more information about making a legacy gift to FPC Libertyville, please contact the treasurer's office with questions. All discussions are confidential and without obligation...and all bequests are welcome!
"A tithe of everything from the land, whether grain from the soil or fruit from the trees, belongs to the LORD; it is holy to the LORD.” Leviticus 27:29-31