Coronavirus Aid, Relief, and Economic Security Act
Changes in Charitable Deductions
*effective for tax year 2020, as ‘temporary suspension of current limits’
Individuals Taking Standard Deduction, donors who do not itemize their taxes can now take up to $300 in above the line deductions for qualified charitable gifts (think 501c3 nonprofits like Boys & Girls Clubs!) Married and filing separately should double that deduction.
Individuals Who Itemize may now deduct up to 100% of their taxable income via qualified charitable donations in 2020 (used to cap at 60%). If you previously itemized, you are now incentivized to save every donation receipt.
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