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ccitro
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Doesn't the Cares Act allow 100% charitable contributions deductions for 2020?

 
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3 Replies
DavidD66
Employee Tax Expert

Doesn't the Cares Act allow 100% charitable contributions deductions for 2020?

Yes.  The 100% of AGI contribution limit applies only to gifts of cash directly to charities (not including family-funded private foundations). The 100% of AGI limit does not apply to contributions to supporting organizations. The limit also excludes gifts to donor advised funds “for the establishment of a new, or maintenance of an existing, donor advised fund.”

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ccitro
New Member

Doesn't the Cares Act allow 100% charitable contributions deductions for 2020?

Thanks for this answer, which is what I thought.  But then why isn't TurboTax giving me credit for the full amount of my charitable deductions and wiping out my entire tax liability?

Doesn't the Cares Act allow 100% charitable contributions deductions for 2020?

Yes, you can deduct charitable contributions in 2020 up to 100% of Adjusted Gross Income if you itemized you deduction. If you take the Standard deductions, the maximum allowable amount is $300. 

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