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Married-filing-jointly taxpayers DO get a bump to $600 in Tax Year 2021. Universal Deduction for Donations for Tax Year 2021įor the over 9 out of 10 people who no longer itemize their charitable giving, the CARES Act will allow these individual taxpayers to deduct donations to charity of up to $300 on their 2021 federal tax return, even though they take the standard deduction.
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This deduction can be taken in addition to the Arizona State Tax Credits.
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$300 is the maximum above-the-line deduction per tax return. For Tax Year 2020, married-filing-jointly taxpayers do not get a bump to $600. Universal Deduction for Donations for Tax Year 2020įor the over 9 out of 10 people who no longer itemize their charitable giving, the CARES Act will allow these individual taxpayers to deduct donations to charity of up to $300 on their 2020 federal tax return, even though they take the standard deduction. The Coronavirus Aid, Relief, and Economic Security (CARES) Act creates two temporary benefits to Donors listed below (information taken from Foundation Group).
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And you do not have to file an itemized return to take advantage of this credit! You can take the Charitable Tax Credit in addition to the School Tax Credit and other credits. You must use code 20305 to claim the tax credit donation to SAAF. Make sure your gift is postmarked by Apto receive the credit on your 2020 state tax return. Your gift to SAAF may qualify for the Arizona Charitable Tax Credit! Individuals filing their taxes in Arizona may receive a credit of up to $400 and married couples may receive a credit up to $800 on their state taxes. Information on the Arizona Charitable Tax Credit