New $300 Charitable Contributions Deduction if taking the Standard Deduction (2020 tax year)

The $2T Coronavirus Stimulus Bill that was passed on 3/27 contains a provision for taking a $300 “above-the-line deduction” for cash deductions (money only, not property) made in 2020 to 501c(3) organizations.  This means that the deduction is available for filers taking the Standard Deduction in 2020.  This provision is meant to provide more incentive for giving to help those impacted by the Corona crisis.



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