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CARES Act Tax Benefit

The CARES Act provides new tax benefits for charitable contributions:

  • Provides up to $300 above-the-line deduction for non-itemizing individuals and $600 per couple making qualified charitable contributions in 2020.
  • Removes the AGI limit for charitable contributions by individuals in 2020 for gifts to qualifying charities

Note: Only cash gifts qualify and gifts to donor-advised funds are not eligible.

Information provided by Maxwell, Locke & Ritter.  Please consult with your accountant and financial advisors for specific and additional  information.
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