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Get your taxes done using TurboTax
It doesn't matter if you use the standard deduction or itemized deductions. When you enter your Charitable Contributions, TurboTax automatically deducts $300 from your Charitable itemized deductions and carries them to the front of Form 1040. This is generally more beneficial to you.
For 2020, there's a special provision on your federal income tax return. Even if you don’t itemize, you may take a charitable deduction of up to $300 for cash contributions made in 2020 to qualified organizations.
- Under this new change, individual taxpayers can claim an "above-the-line" deduction of up to $300 for cash donations made to charity during 2020.
- This means the deduction lowers both adjusted gross income and taxable income – translating into tax savings for those making donations to qualifying tax-exempt organizations.
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February 2, 2021
12:09 PM