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Sorry if this is a repeat, which is probably is:

From Saturday's (11/21/2020) New York Times, page B5:

Under the CARES act, for 2020, you can deduct up to $300 for a CASH donation to a qualified public charity...even if you don't itemize.

Someone asked if its $600 for a Married Filing Jointly return. The answer in the article says that IRS has not given an opinion on that yet....whether the allowable $300 deduction is per filer, or per return.

"Maybe we should have a travel ban against Christian countries?"........suggested some native Americans 400 years ago.
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I can't provide a good link but have seen several times that it is $300 per return.
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I can't provide a good link but have seen several times that it is $300 per return.
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And doesn't that stink for Charities.

I'm Lucky? enough to have to itemize this year due to health care costs.

I'm donating heavily to my favorite local charities, senior centers and meals on wheels.
They are hurting and a needed resource.

nag
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And doesn't that stink for Charities.

I'm Lucky? enough to have to itemize this year due to health care costs.

I'm donating heavily to my favorite local charities, senior centers and meals on wheels.
They are hurting and a needed resource.

nag


Understand, I've been there for two years.

Last year we established a Donor Advised Fund by donating appreciated stock. It allows for bunching of donations into a single tax year. The value of the appreciated stock is allowed to be deducted (up to the percentage allowed for non-cash donations) without the appreciation being declared as capital gains.
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Sorry, I'm lost on this

Last year we established a Donor Advised Fund by donating appreciated stock. It allows for bunching of donations into a single tax year. The value of the appreciated stock is allowed to be deducted (up to the percentage allowed for non-cash donations) without the appreciation being declared as capital gains.

Next year I anticipate low income.

Is there still a way I can donate more than the 300 that is allowed without itemizing?

nag
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Is there still a way I can donate more than the 300 that is allowed without itemizing?

nag


Not that I know for donations made in that tax year.

Sorry, I'm lost on this

Last year we established a Donor Advised Fund by donating appreciated stock. It allows for bunching of donations into a single tax year. The value of the appreciated stock is allowed to be deducted (up to the percentage allowed for non-cash donations) without the appreciation being declared as capital gains.

Next year I anticipate low income.

What a Donor Advised Fund does is allow taking the deduction in the year donated and spreading the donations over multiple years.
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I gave $400 to St Marys food bank on my Arizona return. Can I claim the $300 on my federal return off that same donation?
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I gave $400 to St Marys food bank on my Arizona return. Can I claim the $300 on my federal return off that same donation?

If you made the donation in 2020, you can claim up to $300 without having to itemize. If you made it in 2019 or intend to make one in 2021, you would have to itemize to take the deduction.

AJ
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Aj Im going to play it safe and claim $400 for my donation to St Marys Food Bank on my Arizona Return and Claim $100 for my donation to Hospice of the Valley in Arizona.
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Aj Im going to play it safe and claim $400 for my donation to St Marys Food Bank on my Arizona Return and Claim $100 for my donation to Hospice of the Valley in Arizona.

Why are you not claiming both on your AZ taxes, and $300 of the Food Bank on your Federal?

AJ
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Why are you not claiming both on your AZ taxes, and $300 of the Food Bank on your Federal?

I checked IRS.gov St Marys food bank is not listed on the list. Arizona give a max $400 deduction for single filer and $800 for married couple on the working poor charities.

Found $101 in one of my secret hiding places and got a money order for $100 and made it payable to Hospice of the Valley. Money orders are 0.84 at Frys with VIP Card.

Now I can claim $200 on Federal taxes.
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I checked IRS.gov St Marys food bank is not listed on the list.
Which list are you checking?

Is "St Marys food bank" a program that's part of a church? (Just guessing based on the name).
Either way, they probably are a 501c3 charity. And I would expect they'll be happy to tell you if they are. Probably they will provide you with the donation acknowledgement you will want to have for your records. And it'll probably even say in that thank-you/donation-receipt that they're a 501c3.
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Ok I gave another $100 donation to Hospice of the Valley today and mailed it. I will claim the $300 tax credit for federal.
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I'm sure turbo tax will have the up-to-date info on this when I do my taxes in the spring,

but I did get my mailing from the Salvation Army today...and they say that Married Filling Jointly will be able to claim $600 without itemizing.
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but I did get my mailing from the Salvation Army today...and they say that Married Filling Jointly will be able to claim $600 without itemizing.

...and they would be wrong. If you want the full $600, you must file Married Filing Separately. However, there are many MFJ tax benefits which are not available on an MFS return.

Ira
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