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How can i further reduce my agi for my 2020 tax return other than contributing to a traditional IRA?

 
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HelenC12
Expert Alumni

How can i further reduce my agi for my 2020 tax return other than contributing to a traditional IRA?

TurboTax is pretty good about looking at all the tax breaks for your tax situation, based on how you answer the interview questions. 

 

However, 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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