The new stimulus bill round #2 extends the $300 above-the-line charitable contribution tax break from 2020 for those who don’t itemize and makes it valid for 2021 as well. You can get up to $300 deduction in 2020 and another deduction of up to $300 in 2021. Keep a note of any charitable contributions (or receipts, when necessary), and input it on your tax return as well to get the savings.
There’s one notable change from 2020 to 2021 for couples filing jointly: In 2020 couples are capped at just $300 like an individual filer, however, in 2021 they’ll be able to get $600 in deductions.
This tax break can be found on page 2,481 of the massive stimulus bill.
Some people like to donate via Swagbucks where they have various cashback offers on charity donations. (Confer with a tax advisor for if/how much you can deduct in these cases.)
Related:
- Reminder: Get $300 In Tax Deductions With Charity Donations (2020 Only)
- Stimulus Round 2: Government to Send $600 To Most US Residents; $300 Unemployment Supplement; PPP Funding & More
- Reports: $600 Stimulus Deposits Will Be Received Early Next Week
