Giving To Charity This Holiday Season? Save Your Receipts

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For 2021, taxpayers claiming the standard deduction can deduct up to $600 in cash contributions on a jointly filed return.

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For 2020 taxpayers were allowed to make an up to $300 deduction per tax return for cash charitable contributions. For 2021 the amount has been increased to $600 for jointly filed returns. Taxpayers using a filing status other than “married filing jointly” may still take an up to $300 deduction. In 2020 the adjustment was “above the line” meaning the amount reduced the taxpayer’s adjusted gross income .

 

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