Skip to main contentSkip to main content
You have permission to edit this video.

American Taxpayers Can Deduct Charitable Contributions On 2020 Returns, Even Without Itemizing

  • Updated
  • 0

The IRS estimates that nearly 90% of US taxpayers take the standard deduction instead of itemizing. Under the new tax code, not itemizing made it virtually impossible to claim a tax deduction for contributions to charitable organizations. But according to Business Insider, the pandemic relief CARES Act has a provision incentivizing Americans to help others in need. It's an above-the-line charitable tax deduction. Beginning with 2020 tax returns, taxpayers can claim up to $300 in cash contributions made by December 31 to charity as a deduction without itemizing. The IRS says roughly 130 million American taxpayers could benefit by donating, as it reduces their taxable income.


Get up-to-the-minute news sent straight to your device.


Breaking News

Weekend Things to Do

News Alert