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Charitable giving
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Ripper
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04-09-2020
12:17 PM
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The recently-passed coronavirus response bill, known as the “CARES Act,” includes changes to tax law. Now, taxpayers can claim up to a $300 deduction for cash contributions to charities during the 2020 tax year, even if they don’t itemize their deductions. Contributions to donor advised funds are excluded.
The bill also temporarily raises the adjusted gross income (AGI) percentage limitation on income tax charitable deduction for individuals from 60% to 100%—meaning that donors intending to make large cash contributions to charity during 2020 now are able to deduct up to 100% of their income. Contributions to donor advised funds are excluded here as well.
How does this new limitation interact with the limitations on giving to an “other than 50%” charity?
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