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Level 3
posted Nov 28, 2020 7:15:11 PM

Charitable Deductions for 2020

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.

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4 Replies
Level 15
Nov 29, 2020 5:04:10 AM

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. 

New Member
Nov 29, 2020 2:01:19 PM

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

Level 3
Nov 29, 2020 2:06:04 PM

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.

Level 15
Nov 29, 2020 2:12:11 PM


@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.