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Gifts of Cash, Checks, and Credit Cards
A cash gift entitles you to a charitable income-tax deduction for the amount of your gift. You may deduct up to 60% of your adjusted gross income for the year of your gift. If all deductible gifts in a year exceed the 60% limit, you may carry the excess amount over as a deduction for up to five more years.
Example: Joan has an adjusted gross income of $100,000 this year. She uses some of her cash investments to make a special gift of $75,000. She may deduct $60,000 this year and carry forward the remaining $15,000. Assuming her income the following year is at least $25,000, she could deduct the amount carried forward on her return for that year.
Pledges provide you an opportunity to make a larger gift than you otherwise thought possible by committing your gift over a period of three to five years, or more in some cases. Ideally, your pledge should be documented in writing.
How It Works
- You transfer cash to Catholic Charities—via a check through the mail or online by debit or credit card
- Catholic Charities can put your gift to immediate use or add it to an endowed fund if you so specify
- You receive a charitable deduction
- Your gift is made simply and quickly
- You receive a federal income-tax deduction
- You provide immediate support for Catholic Charities