CARES Act Allows Charitable Deduction of 100% of Gross Income in 2020

This is nei­ther le­gal nor fi­nan­cial advice

I haven’t seen this pro­vi­sion of the CARES Act dis­cussed here, but it is highly rele­vant for big-dol­lar donors:

The ad­justed gross in­come (AGI) limit for cash con­tri­bu­tions was in­creased for in­di­vi­d­ual donors. For cash con­tri­bu­tions made in 2020, you can now elect to deduct up to 100 per­cent of your AGI (in­creased from 60 per­cent).

If you want to donate >60% of your tax­able in­come, this may be the year to do so.

Source: https://​​www.fideli­ty­char­i­ta­​​ar­ti­cles/​​what-the-cares-act-means-for-char­i­ta­ble-giv­ing.html.

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