A $300 Tax Deduction to Charity

street · Dec 10, 2020

Looks like from the CARES ACT a special 300 dollar tax deduction benefit for people that give to a charity group. Thought I would post and can research if interested.
https://www.irs.gov/newsroom/specia...o-charity-this-year-even-if-they-dont-itemize

VanWinkle · Dec 10, 2020

I recently read that they clarified the deduction for MFJ. Single and MFJ are both the same, 300.00 flat per couple or single.

street · Dec 10, 2020

^ thanks for clarifying that VanWinkle.

scrabbler1 · Dec 10, 2020

We had a thread on this a few months ago which included a link to a draft version of the 2020 1040 form.

https://www.early-retirement.org/fo...ble-deduction-for-non-itemizers-105668-2.html

street · Dec 10, 2020

^ sorry about that. I did look but didn't see one that I could find. Mods can delete this if they want too.

SecondCor521 · Dec 10, 2020

The other particular thing to note with this deduction is that the gifts must be in cash, not in kind. That is, you have to give money, not stuff.

gerntz · Dec 10, 2020

This comes off your taxes or off your income?

youbet · Dec 10, 2020

gerntz said:
This comes off your taxes or off your income?

It's a deduction to your income.