CARES makes several temporary changes to the charitable contribution rules. For the 2020 tax year, taxpayers ae eligible to deduct up to $300 of cash contributions as an “above the line” deduction (meaning even non-itemizing taxpayers can claim this deduction). Additionally, for individuals who itemize, the 50 percent adjusted gross income limitation is waived for certain contributions. However, this deduction is not allowed if made to a private foundation or to a donor-advised fund. Learn more at https://joiningvisionandaction.com/cares-act-loans-credits-support-nonprofits/
CARES Act Temporarily Changes Charitable Contribution Rules
Updated: Apr 23, 2020