Giving to the College
Extended Charitable Tax Deduction for 2021!
As a result of the most recent stimulus package, the Consolidated Appropriations Act, 2021, a couple of 2020 provisions were extended.
- The $300 above-the-line charitable deduction has been extended for single filers who do not itemize deductions.
- For 2021, this above-the-line deduction is increased to $600 for married couples filing jointly who do not itemize tax deductions.
- As in 2020, this deduction applies only to qualified cash contributions and does not apply to cash contributions made to private foundations, donor advised funds or supporting organizations, or to split interest trusts like charitable remainder and lead trusts. It also does not apply to carry-over contributions.
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