In 2021, the limit was increased to 100% of an individual’s annual gross income in order to incentivize charitable giving during the COVID-19 pandemic.
But the 2022 charitable contribution rules have reverted back to no more than 50% of your AGIfor cash contributions. The limit is 30% of AGI for non-cash contributions (for example, donating shares of stock).
Thank you, Bsch4477, for your quick response. But I need to ask you the same question, again. But this time I want to know the 2022 tax law if you can not itemize but instead have to take the standard deduction.
Thank you for your time.
If you are referring to the 300/600 charitable deduction for those who used the standard deduction in 2021, the answer is no. You must itemize to deduct any charitable deduction.
In 2020 and 2021 you could take up to $300 (600 Joint) for charity in addition to the Standard Deduction. Doesn't look like it's still there for 2022.
For 2022 the standard deduction amounts are:
Single 12,950 + 1,750 or 65 and over or blind (14,700)
HOH 19,400 + 1,750 for 65 and over or blind
Joint 25,900 + 1,400 for each 65 and over or blind
Married filing Separate 12,950 + 1,400 for 65 and over or blind
@Rambo70 wrote:
Is 100% of your 2022 charitable donations tax deductible?
A lot of people misunderstand the percentage limits that apply to charitable donations. If you itemize deductions, you can always deduct 100% of your donations, up to a maximum total amount of donations. The maximum is a percentage of your AGI, not a percentage of your donations.