topic Re: Charitable Deductions for 2020 in Deductions & credits

Charitable Deductions for 2020

aircarl — Sun, 29 Nov 2020 03:15:11 GMT

It appears that many taxpayers are not familiar with the special $300 tax deduction for charitable contributions even if you do NOT itemize your deductions. This is a special tax law change made earlier this year that allows cash donations up to $300 made before December 31, 2020 to be deductible when you file your 2020 taxes next year.

Re: Charitable Deductions for 2020

Critter-3 — Sun, 29 Nov 2020 13:04:10 GMT

Thanks for the PSA ... when the TT program is fully operational in January we will see if that is a question for all users to answer or an information screen in the interview tree.

Re: Charitable Deductions for 2020

rmgbhg — Sun, 29 Nov 2020 22:01:19 GMT

Can contributions I made to my church this year (2020) be the $300 charitable deduction under the CARES Act?

Re: Charitable Deductions for 2020

aircarl — Sun, 29 Nov 2020 22:06:04 GMT

Any charity that is a 501(C)(3) is deductible. If you have given to the church in previous years and deducted it, this year will be no different.

Re: Charitable Deductions for 2020

DoninGA — Sun, 29 Nov 2020 22:13:07 GMT

@rmgbhg wrote:

Can contributions I made to my church this year (2020) be the $300 charitable deduction under the CARES Act?

You can deduct up to $300 of charitable donations as an adjustment to income on the 2020 Form 1040 Line 10b.

If you don't itemize deductions on Schedule A (Form 1040), you (or you and your spouse if filing jointly) can take a charitable deduction of up to $300 for cash contributions made in 2020 to organizations that are religious, charitable, educational, scientific, or literary in purpose.