For 2021, you may deduct up to $600 for the Federal 1040 line 12b Charitable Cash Contributions under CARES Act if:
- You file married filing jointly, and
- You file using the standard deduction.
Cash Charitable contributions over $600 are not deductible as or carried over as Federal 1040 line 12b Charitable Cash Contributions under CARES Act for tax returns in subsequent years.
Charitable contributions which are deducted towards Schedule A Itemized Deductions may be limited and carried over.
This TurboTax Help states:
There's also a limit on how much you can deduct. The basic rule is that your contributions to qualified public charities, colleges and religious groups generally can't exceed 60 percent of your Adjusted Gross Income (AGI) (100% of AGI in 2020 for qualified charities).
- The caps are a bit lower for gifts to other types of nonprofits. When it comes to gifts of appreciated property, the limit drops to 30 percent of AGI.
- If these restrictions limit your write-off in the year of the gift, the excess deduction carries over to the next year.
See this TurboTax Help.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
