Are you itemizing deductions?
The adjusted gross income (AGI) limit for cash contributions was increased for individual donors. For contributions made in 2020, you can now elect to deduct up to 100 percent of your AGI (increased from 60 percent). |
Not itemizing?
The CARES Act allows for an additional, “above-the-line” deduction for charitable gifts made of up to $300. If you are not itemizing on your 2020 taxes, you can claim this new deduction. |