SPECIAL CARES ACT TAX BENEFITS EXPIRE DECEMBER 31, 2020!
What are the IRS provisions?
- If you itemize deductions, you can deduct up to 100% of your Adjusted Gross Income (AGI) for charitable gifts made in 2020.
- If you are at least 59½, you may take a distribution of any amount from your IRA or 401k, give the same amount to a qualified charity, and avoid paying any federal income taxes on the distribution.
- Even if you do not itemize deductions on your federal taxes, you can still deduct up to $300 of charitable gifts made in 2020.
How can you take advantage of them?
- Contact your financial advisor or your IRA administrator for guidance. Please note, an IRA rollover gift must come directly from your IRA account to qualify.
- Checks should be made out to our parent organization, SIL International, with the memo: “For the preferred use of JAARS.” If this is an IRA rollover, a letter stating this should accompany the check. The letter can also note if and how you would like to designate your gift more specifically.
- Checks—made out to SIL International—and associated letters should be mailed to JAARS, PO Box 248, Waxhaw, NC 28173.
Send a check to JAARS, PO Box 248, Waxhaw, NC 28173.
Please include the following:
- The area(s) you’d like to designate your gift toward, if any
- Your mailing address, if you’d like a receipt for tax purposes
- Your phone number and/or email address, so that we may contact you with any questions
Goods or Property
We’re always looking for small aircraft, vehicles, and boats. Sometimes, they can be outfitted and sent to our partners. Other times, we’ll sell the item and put that money toward the most pressing needs.
We can’t accept computers or clothes. But we can take plenty of other things, such as artwork, fine jewelry, collectibles, or real estate. Email us or call 888.773.1178 to get started. We’ll be glad to discuss your unique situation!
Charitable IRA Rollovers—A Tax-Free Option
If you are 70½ or older, you can give to JAARS directly from your IRA account—without having to pay any income taxes on the transfer. Gifts must be received by December 31 to qualify for this calendar year. To take advantage of this strategy, follow our simple instructions below.
How do I give using a Charitable IRA Rollover?
1. Contact your IRA administrator to initiate the transfer. Please note, the gift must come directly from your IRA account to qualify.
2. Checks should be made out to our parent organization, SIL International, with the memo: “For the preferred use of JAARS.” A letter stating that this is an IRA rollover should accompany the check. The letter can also note if and how you would like to designate your gift more specifically.
3. Checks and associated letters should be mailed to JAARS, PO Box 248, Waxhaw, NC 28173.
What are the benefits?
- Pay no taxes on transfers of up to $100,000 to a qualifying charity.
- Reduce your taxable income, even if you don’t itemize deductions.
- Count the gift toward your required minimum distribution for the year.
Appreciated Securities
Pay less in taxes, and put more toward making Bible translation possible. It’s easy: If you’ve owned assets such as stocks, bonds, or mutual funds for more than a year, and they’ve increased in value, sign them over to JAARS. You’ll get the usual income deduction—if you qualify—and skip capital gains taxes. Learn more below, or you can email us or call 888.773.1178 to get started.
Planned Giving
Leave a legacy of Bible translation. To name JAARS as a beneficiary in your will, estate plan, donor advised funds, IRA, 401k, etc., please use the following language on your documents:
“______ (% or $ amount) of ______ (asset or assets) to JAARS, Inc., PO Box 248, Waxhaw, NC 28173, Federal Tax ID #56-0818833.”
Email us or call 888.773.1178 with any questions. We’re glad to discuss your vision and help you plan for a lasting impact.
Workplace Giving
Does your company let you give through payroll deductions? Or a yearly campaign? See if JAARS is an option. It adds up, especially if your company matches gifts.
To participate in the Combined Federal Campaign, simply use our campaign number:
Combined Federal Campaign: 11739
State and Local Campaigns: 2447
AmazonSmile
Support Bible translation while you shop! Simply shop at smile.amazon.com and select JAARS as the charity you’d like to support. Amazon will donate 0.5% of your eligible purchases to us—with no fees or extra cost to you.