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.