mommyoffive Posted November 26, 2020 Share Posted November 26, 2020 I wasn't aware that this was part of it. Passing it on incase anyone is interested As part of the CARES act, a charitable donation of up to $300 will qualify for a federal tax deduction even if you don't itemize. How the CARES Act changes deducting charitable contributions | Internal Revenue Service (irs.gov) What the CARES Act Means for Charitable Giving | Fidelity Charitable 4 Quote Link to comment Share on other sites More sharing options...
regentrude Posted November 26, 2020 Share Posted November 26, 2020 $300? That's ridiculously little and will neither encourage giving nor relieve the economic burden of Covid. What's supposed to be the purpose? Quote Link to comment Share on other sites More sharing options...
Frances Posted November 27, 2020 Share Posted November 27, 2020 4 hours ago, regentrude said: $300? That's ridiculously little and will neither encourage giving nor relieve the economic burden of Covid. What's supposed to be the purpose? Most people no longer itemize because of the large standard deduction, so at least it’s a way to get something for charitable contributions. 2 Quote Link to comment Share on other sites More sharing options...
regentrude Posted November 27, 2020 Share Posted November 27, 2020 3 hours ago, Patty Joanna said: I dunno. I might give away an extra $300 with a bit of a nudge. And if half of the families in our parish did it, we could pay for some much-needed maintenance. Or give it away to one of the charities we support. Or to the half of the families that can't give the $300 because they simply don't have it. but being able to tax deduct a $300 donation does not give you extra $300 to donate. If your tax rate is is 12%, donating $300 will just give you an extra $36. 2 Quote Link to comment Share on other sites More sharing options...
regentrude Posted November 27, 2020 Share Posted November 27, 2020 1 hour ago, Frances said: Most people no longer itemize because of the large standard deduction, so at least it’s a way to get something for charitable contributions. I am aware that most people no longer itemize, and that charitable donations have taken a dive because of that. But I don't think 300 is enough to really make a difference. Quote Link to comment Share on other sites More sharing options...
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