Your Guide to 2020 Year-End Charitable Giving

by Rev. Bill Gruenewald

The year 2020 will be remembered as the year of COVID-19. It has presented many challenges to all of us. But even so, we’ve been encouraged to see that believers across Tennessee have remained faithful in their giving to Baptist causes, even in the midst of the pandemic. Before we flip the calendar to 2021, it’s a great time to review some additional charitable giving ideas and consider whether they would make sense to implement, especially as you think of ways to support your church or other Baptist cause. 

For 2020: Above-the-Line Deduction for Cash Contributions

For 2020: Modification of the Charitable Deduction Limit

Make a Regular Donation 

Batching Contributions

Give Gifts of Appreciated Assets 

Required Minimum Distribution (RMD) / Qualified Charitable Distribution (QCD)

Remember, when the ball drops at midnight on December 31, you will lose the opportunity to take advantage of these strategies for 2020. If any of these ideas interest you, begin the process now to make sure you allow plenty of time for the process to be completed by year-end. 

From the Tennessee Baptist Foundation, we wish you the happiest of Christmas seasons as we celebrate Immanuel! 

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Please note that the advice offered in this article is not intended to be construed as tax, legal or accounting advice. This material has been prepared for general informational purposes only and is not intended to provide, and should not be relied on for, tax, legal or accounting advice for the reader. You should consult your own tax, legal and accounting advisors before engaging in any transaction.