For the entire year of 2020, the limitation on how much of your charitable donations you can deduct against your income, no matter who you are or how much you give, has been lifted. Previously, it was a maximum of 60% for cash donations and 50% for non-cash contributions.
Under the CARES Act, these limitations have been removed for Federal income tax purposes. Additionally, anyone who donates up to $300, whether they itemize or not, can deduct that against other income for donations in 2020 (considered an “Above the Line” deduction).
Under the CARES Act, these limitations have been removed for Federal income tax purposes. Additionally, anyone who donates up to $300, whether they itemize or not, can deduct that against other income for donations in 2020 (considered an “Above the Line” deduction).
