Author Topic: TAX DEDUCTIONS FROM YOUR 2020 FILING FOR DONATIONS TO THE MAGISTERIAL FOUNDATION  (Read 858 times)

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Online Ron Besser

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This notice from the IRS concerning making donations to charities this year, 2021.  When filing your taxes in 2022 for2021, contributions to charitable institutions the following applies as continued from the tax year 2020 since the IRS has not rescinded this rule as of May 29, 2021.  Briefly this rule as i understand it allows deductions up to almost half of your total income and in some cases for the entire value of your cash contributions.  The old limit was $300, which is not followed religiously by the IRS anyhow so long as you can prove donations for much larger amounts.  The suspension of the old limits is copied over from their web site with the link shown below if you wish more detail.  Thank you!   Ron Besser/for the Magisterial Foundation. (See the donation page for address to give to the Magisterial Foundation.)

NEW


https://www.irs.gov/charities-non-profits/charitable-organizations/charitable-contribution-deductions

Temporary Suspension of Limits on Charitable Contributions
In most cases, the amount of charitable cash contributions taxpayers can deduct on Schedule A as an itemized deduction is limited to a percentage (usually 60 percent) of the taxpayer’s adjusted gross income (AGI). Qualified contributions are not subject to this limitation. Individuals may deduct qualified contributions of up to 100 percent of their adjusted gross income. A corporation may deduct qualified contributions of up to 25 percent of its taxable income. Contributions that exceed that amount can carry over to the next tax year. To qualify, the contribution must be:
  • a cash contribution;
  • made to a qualifying organization;
  • made during the calendar year 2020
Contributions of non-cash property do not qualify for this relief. Taxpayers may still claim non-cash contributions as a deduction, subject to the normal limits.
The Coronavirus Tax Relief and Economic Impact Payments page provides information about tax help for taxpayers, businesses, tax-exempt organizations and others – including health plans – affected by coronavirus (COVID-19).



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« Last Edit: May 29, 2021, 09:56:43 am by Ron Besser »
Located in Historic York, Pennsylvania