CARES Act - Individual Giving
A reminder that all taxpayers (both those who itemize and those who use the standard deduction) can deduct $300 in charitable giving to public nonprofits in 2020.
Prior to the CARES Act, those who used standard deduction could not deduct any charitable giving.
For those who itemize their taxes, the CARES Act significantly raises the amount of the charitable giving deductible from 60% of the filer's adjusted gross income (AGI) to 100% of AGI.
Gifts to donor-advised funds and private foundations do not receive the revised deductible under this provision.