Cares act above the line charitable deduction
[DOCX File]NMUCA
https://info.5y1.org/cares-act-above-the-line-charitable-deduction_1_0b66b9.html
Allowing an above-the-line deduction for up to $300 in charitable contributions for taxpayers who do not itemize deductions in . 2020; Removing the AGI limit on individual itemized deductions for charitable contributions in . 2020; Excluding employer student loan repayment assistance of up to $5,250 from income in . 2020 ;Permanently
[DOC File]HILLIARD & SMITH, P
https://info.5y1.org/cares-act-above-the-line-charitable-deduction_1_632e21.html
Charitable deduction liberalizations. The CARES Act makes four significant liberalizations to the rules governing charitable deductions: (1) Individuals will be able to claim a $300 above-the-line deduction for cash contributions made, generally, to public charities in 2020. This rule effectively allows a limited charitable deduction to taxpayers claiming the standard deduction. (2) The ...
[DOCX File]SUPPLEMENT TO ACCOMPANY
https://info.5y1.org/cares-act-above-the-line-charitable-deduction_1_9cb98b.html
contributions to public charities as a deduction for AGI (i.e., an above-the-line deduction) in 2020. Consequently, a taxpayer choosing to take the standard deduction in 2020 (e.g., $12,400 for single, $18,650 for head of households or $24,800 for joint filers) effectively increases this amount by $300 by making $300 of charitable contributions. Note that this deduction actually reduces AGI ...
[DOC File]Client letter: 2020 COVID relief bill provisions affecting ...
https://info.5y1.org/cares-act-above-the-line-charitable-deduction_1_67cac4.html
As noted above, the CARES Act provided EIPs. ... Above-the-line charitable contribution deduction is extended through 2021; increased penalty for abuse. For 2020, individuals who don't itemize deductions can take up to a $300 above-the-line deduction for cash contributions to "qualified charitable organizations." The Act extends this above-the-line deduction through 2021 and increases the ...
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