New Charitable Deduction for NonItemizers
7029639497 • October 28, 2020
Residents of the USA are ranked among the most generous in the world!
But with the COVID-19 Pandemic some organizations are experiencing a decline in giving. So Congress included a provision in the CARES Act that allows individuals who do not itemize to deduct $300 of qualified charitable contributions as an "above-the-line" deduction for tax years beginning in 2020.
The $300 is the limit regardless of filing status.
The contribution must be made in cash, check, payroll deductions, etc.
Non-cash contributions are not allowed as an "above-the-line" deduction.
The taxpayer must keep a "written acknowledgement" for any contribution over $250. (On a gift-by-gift basis)
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