KACF News
Update on some tax matters in the Covid-19 Relief Act.
12/23/2020 - David Bennett <cfrtinstitute2@gmail.com>
First, the $300 Universal Charitable Deduction – available to those who do not itemize on their federal income taxes – has been extended to 2021. In addition, the law now makes it clear that for gifts after January 1, 2021, the deduction is $300 for a single individual, and $600 for a married couple filing a joint return. As with the previous law, this deduction is not available for gifts to donor advised funds or supporting organizations.
In addition, the 100% income limitation for cash gifts has been extended to 2021. This limitation – for cash gifts only – means that the donor can deduct an amount up to their adjusted gross income (but can carry forward the excess for up to five years). Again, this special tax benefit is not available for gifts to donor advised funds or supporting organizations.
