A married couple can take a deduction of $300 for cash charitable contributions made in 2020 on their 2020 tax return. Next year, the amount will be $600 for those filing a joint return.
Under this new change, individual taxpayers can claim an "above-the-line" deduction of up to $300 (per tax return) for cash donations made to charity during 2020. This means the deduction lowers both adjusted gross income and taxable income – translating into tax savings for those making donations to qualifying tax-exempt organizations. The special $300 deduction is designed especially for people who choose to take the standard deduction, rather than itemizing their deductions.
The deduction will be added above-the-line by TurboTax after you have completed the Wrap-up tax breaks interview in TurboTax if you take the Standard Deduction. You can click on the Deductions & Credits menu at the top and then scroll all the way down to the bottom of the page to find the Wrap-up tax breaks section.
If you itemize deductions, use these instructions.
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