4 ms·
Charity is an above the line deduction.
by dlp211 6y ago
Charity is an above the line deduction.
- Thorrez 6y agoNo it's not. $300 can be an above-the-line deduction. Any donation beyond that is below the line. https://www.aarp.org/money/taxes/info-2020/how-to-deduct-2020-charity-donations.html https://www.aarp.org/money/taxes/info-2020/how-to-deduct-202...
- astrange 6y agoIt wasn't last year, now it is again, so people might've missed it. I thought you could only deduct $300 though.
- dboreham 6y agoAre you talking about California state tax? The $300 thing doesn't jive with my federal tax spreadsheet..
- Thorrez 6y agoNo, we're talking federally. There's a $300 federal above-the-line charitable deduction. Everything after that is below the line. https://www.aarp.org/money/taxes/info-2020/how-to-deduct-2020-charity-donations.html https://www.aarp.org/money/taxes/info-2020/how-to-deduct-202...
- Thorrez 6y agoYes, it's limited to $300. So it's not very useful for people significantly more than that but still below the standard deduction.