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Deductions & credits
Previously, charitable contributions could only be deducted if taxpayers itemized on their tax returns. However, taxpayers who don't itemize deductions may take a charitable deduction of up to $300 for cash contributions made in 2020 to qualifying organizations. For the purposes of this deduction, qualifying organizations are those that are religious, charitable, educational, scientific or literary in purpose.
March 4, 2021
3:03 PM