Ways to Continue Giving
We have been asked by many parishioners how they can support Our Lady Star of the Sea during this difficult time. Please know that I am extremely grateful for those of you who can continue to support our parish. We encourage you to use one of the following options:
Thank you for the generosity that you continue to demonstrate during these trying times for all. Your commitment to the parish is gratefully acknowledged.
IN LIGHT OF COVID-19 we are relying on our Website, Emails, Online Bulletins, MyParish App and Facebook to communicate.
Online Bulletin: www.discovermass.com/church/our-lady-star-of-the-sea-ponte-vedra-beach-fl/
MyParish App: Text “App” to 88202 or search “myParish” in your app store
Emails: If you are unsure that we have your current email please contact the Parish Office at email@example.com or by calling 904-285-2698
Statement from Bishop Estévez on
Forming your Conscience before Voting
With the 2020 Presidential Election just three weeks away, Bishop Felipe Estévez has written a letter to the faithful of the Diocese of St. Augustine that will be read from the pulpit at Masses this weekend.
In his letter, the bishop encourages Catholics to “understand the issues in the context of church teaching and to help you in this area of ‘proper formation of your conscience.’” Click here to read the bishop’s letter in English, and click here to read it in Spanish. To read more on election 2020 and the positions of the church, visit https://www.dosafl.com/election2020.
Benefits of Contributing in 2020
Non-Itemizers can Reduce Their Taxable Income by $300
If you take the standard deduction, the CARES Act allows you to reduce your taxable income in 2020 by up to $300 for cash contributions to charities such as Our Lady Star of the Sea ($600 for married couples) using an “above the line adjustment,” which means it comes before you calculate your adjusted gross income.
Itemizers Benefit, too
For those who do itemize their deductions, the new law allows for cash contributions to qualified charities such as the Our Lady Star of the Sea to be deducted up to 100% of your adjusted gross income vs the normal 60% for the 2020 calendar year.
Required Minimum Distributions Waived in 2020
For the year 2020, there will be no mandatory distributions from retirement accounts (whatever the age of the owner), thus allowing those accounts to recover. The minimum age for making a tax-free transfer from an IRA to a charity remains at 70½, and the annual limit remains at $100,000. However, since cash gifts are deductible in 2020 to the extent of adjusted gross income (100%), a person could withdraw and then contribute a larger amount—with the deduction offsetting the taxable withdrawal.
Qualified charitable distributions are still a great way to make contributions.
Even though RMDs are waived, if you are 70 ½ or older, you can still use your IRA to get a tax break on giving to charities such as Our Lady Star of the Sea. You can do so with qualified charitable distributions (QCDs) from your IRA. The funds are directly transferred from your IRA to the Our Lady Star of the Sea and are excluded from income.
Normally, this would go towards satisfying your RMD. But even though there are no RMDs this year, this is a better way to give to Our Lady Star of the Sea and reduce your taxable IRA balance at the same time. You pay no income taxes on the gift and the transfer generates neither taxable income nor a tax deduction. So you benefit even if you don’t itemize.
Only IRA owners and beneficiaries who are age 70 1/2 or older qualify for this, though. This age did not change even though the age for RMDs was increased to 72. QCDs give you back a tax benefit that would otherwise be lost. This may help lower your Medicare premiums and decrease the amount of Social Security that is subject to tax.
Key Provisions of the CARES Act and Charitable Giving in 2020
In response to the health crisis facing our nation, the Coronavirus Aid, Relief and Economic Security (CARES) Act became law in March of 2020.
Impact on Charitable Gifts Made in 2020
Impact on Retirement Accounts for 2020