Under the CARES Act, if you take the standard deduction, you can also itemize donations made to charity. Is it strictly monetary donations in the form of cash/check/debit, or does the cash value of food donated count as a monetary donation as well?
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If you are using the Standard Deduction, you are allowed to claim a donation under the CARES Act of $300 for a single taxpayer, or $600 for Married Filing Jointly. This does include food donations.
If you are Itemizing Deductions, enter them in the Charitable Contributions section under Deductions & Credits (which includes the price you paid for food.. save your receipts).
However, you can't itemize your donations and also claim the $300/$600 Standard charitable contribution.
Here's more info on Charitable Donations.
Hmm, I don't think that infographic is correct. After doing some more digging, from the Pub 526 instructions:
"Cash contributions for individuals who do
not itemize deductions. For the 2021 tax
year, cash contributions up to $600 can be
claimed on Form 1040 or 1040-SR, line 12b.
Enter the total amount of your contribution on
line 12b. Don’t enter more than:
• $300 if single, head of household, or qualifying widow(er);
• $600 if married filing jointly; or
• $300 if married filing separately.
In order to claim the contribution, you must
meet the following requirements.
1. You cannot itemize deductions on Schedule A (Form 1040); and
2. The charitable contribution must be:
a. Paid in cash or by check.
b. Be paid to an organization described
later under First category of qualified
organizations (50% limit organizations) (other than certain private foundations described in section 509(a)(3)
or for the establishment of a new, or
maintenance of an existing, donor advised fund, as described in section
4966(d)(2)).
Contributions of noncash property and contributions carried forward from prior years don’t
qualify for this deduction.
For records you must keep, see Substantiation Requirements, later."
Seems kind of ridiculous to me. The items were purchases directly for donation to the food bank and that is what cash would have been used to purchase. It isn't like a car I am donating after having had some use out of it prior and that the food bank otherwise wouldn't have got the cash equivalent on. Only thing I can think of is because the money was given to a grocery store business instead of the food bank.
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