So per the regulations above, the amount you can claim if you are itemizing deductions depends on the type of charitable contribution and your adjusted gross income. There is no specific $$ limit. In 2020, and only in 2020, you could potentially deduct up to 100% of AGI.
If you are not itemizing and instead using the standard deduction, you could still separately deduct up to $600 (for a married couple) of cash charitable contributions. This was a temporary deal from the CARES Act for 2020 and 2021 only.
TT told us we were better off doing the standard deduction. We donāt have mortgage interest. Soā¦Iām guessing that means our charitable contributions were limited to $600. Is that correct?
Thanksā¦I was pretty sure I was rightā¦but this other person was adamant that I should have been able to deduct ALL of my charitable contributions. And also that donations of goods countedā¦and I donāt think they even did in 2020. It was cash donations.
Tax laws and charitable deductions have been veryā¦.fluid, shall we say, in the last couple of years. Tax forms look different too, just for fun. Iām no tax expert but have studied it once upon a time, and had an early career dealing with government forms and regulations. So my understanding is somewhere between average taxpayer and tax accountant. But I rely on my H&R Block tax software.