Taxes and Giving in 2021

Taxes and Giving in 2021

Charitable Deductions from the 2020 CARES Act have been extended to the 2021 tax year. This means, as a donor, you can benefit from:

  • The $300 tax deduction, if you are taking the standard deduction, for those filing individually and $600 for those filing jointly.
  • In 2021, taxpayers who do itemize can deduct up to 100% of their Adjusted Gross Income (AGI) instead of only 60% of their AGI. The deductions for corporations remain the same as well.

These benefits apply to gifts made directly to nonprofits, such as Global Ministries. They do not apply to gifts to Donor Advised Funds or family foundations.

Charitable IRA Rollovers

Eligible taxpayers (those over 70½ years of age) have a beneficial way to support their favorite, qualified charities, including Wider Church Ministries (WCM) and Division of Overseas Ministries (DOM) — the two fiscal entities that make up Global Ministries – through the Charitable IRA Rollover, which has been in effect permanently since 2015. These charitable gifts can replace the required minimum distributions (RMD) that are required annually from your Individual Retirement Account (IRA).

If you are an IRA owner over the age of 70½, you can make charitable gifts directly from your IRA totaling up to $100,000 per year. These contributions will not be included in your adjusted taxable gross income for that year. Your IRA manager will be able to provide you with the paperwork.

If you are interested in making a gift to Global Ministries (Wider Church Ministries or Division of Overseas Ministries) through an IRA Charitable Rollover, please let Global Ministries know at gifts@dom.disciples.org or (317) 713-2555 if you have any questions on this opportunity.