Tax season tips: Don’t forget this above-the-line deduction
Lawmakers provided a special, temporary deduction for some individuals who made cash donations to charity in 2020.
Individuals who donated to qualifying charities last year may be eligible for a special tax deduction – even if they don’t itemize.
The CARES Act provided for a temporary above-the-line deduction of up to $300 for people who made cash donations to charity in 2020 and also plan to claim the standard deduction.
Starting in 2021, the deduction was extended and enhanced, including a deduction of up to $600 for joint filers.
The opinions voiced in this article are for general information only and are not intended to provide specific advice or recommendations for any individual.
This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.