topic Re: CARES Act 100% charitable contribution composition in Get your taxes done using TurboTax

CARES Act 100% charitable contribution composition

excel20 — Thu, 12 Nov 2020 01:41:40 GMT

The CARES Act allows deductions for charitable contribution up to 100% of AGI in 2020 (vs. 60% previously). The Act also states that to quality for 100% deduction, the contributions must be in cash. What I haven't seen clarified is how much of the contribution has to be in cash and to what types of organizations.

For example, will the following composition qualify for a 100% deduction?

30% appreciated stock to a donor advised fund

30% cash to private foundation

40% cash to a qualifying operating charity - for example GiveWell, GiveDirectly, etc.

Essentially, do the previous rules apply for the 60% and the "cash only/operating charity" rule apply only to the additional 40%?

Re: CARES Act 100% charitable contribution composition

Critter-3 — Thu, 12 Nov 2020 02:26:11 GMT

https://www.plantemoran.com/explore-our-thinking/insight/2020/07/cares-act-increases-deductibility-of-2020-charitable-contributions#:~:text=The%20Tax%20Cuts%20and%20Jobs,)%20to%20100%25%20for%202020.

Re: CARES Act 100% charitable contribution composition

despenla — Wed, 10 Feb 2021 01:50:03 GMT

The following was shared with me form TT and is helpful.

Note that the document is still 'draft' as the IRS is slower than ususal due to COVID.

Here is a link to the (draft) Charitable Contributions 2020 Draft Publication 526.

"DRAFT" Charitable Contributions as of January 13, 2021