The recent CARES Act, passed to provide relief during the coronavirus outbreak, changes the way charitable deductions will work during the 2020 tax year:
- Taxpayers who do not itemize deductions when filing will be able to deduct charitable contributions of up to $300 when calculating their adjusted gross income.
- Taxpayers who do itemize deductions will be able to deduct all charitable contributions from adjusted gross income because the limits on the charitable deduction has been temporarily lifted.