2020 Charitable Deduction

Charitable Deduction Changes for 2020

Above-the-line deduction. Charitable contribution deductions are ordinarily claimed on a Schedule A attached to a Form 1040 income tax return. This limits the tax benefit to only those taxpayer’s who have itemized deductions in excess of the standard deduction. The Act allows a non-itemizing taxpayer to claim up to a $300 “above-the-line” charitable contribution deduction against their income without the need to itemize deductions for tax years beginning in 2020.

Change in cash contribution limits. Before the Act was signed into law, an itemizing taxpayer could only deduct cash donations to charitable organizations for an amount up to 60% of their adjusted gross income. The Act modifies this rule for cash contributions made in the 2020 calendar year and allows a taxpayer to deduct cash contributions up to 100% of a his or her adjusted gross income. Any excess can be carried forward. If the cash contributions are made by a partnership or S corporation, each partner or shareholder must elect to have the provision apply to obtain the deduction.

The Act also increases the allowable deduction on the donation of food inventory from 15% to 25% of taxable income.

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