Universal Charitable Deduction In Effect for 2021
The pandemic relief bill signed just recently by the President extends the $300 universal, above-the-line deduction for non-itemizers through 2021 and also allows joint filers to deduct up to $600. This deduction only applies to cash gifts and does not apply to cash gifts to donor-advised funds or supporting organizations. The bill also extends the temporary increase of the adjusted gross income limits for cash gifts through 2021 (100% of AGI for individuals, 25% for corporations).
