Cares Act

Updated April 6, 2020

 

Above-the-Line Charitable Contribution Deduction

1. For the year 2020, individual taxpayers who do not itemize deductions may claim up to 

    $300 of charitable contributions made as a deduction in arriving at adjusted gross income

Charitable Contribution Deduction Limits Increased

1. Cash contributions made by individual taxpayers in 2020 to public charities are subject to 

     limit of 100% of adjusted gross income – not the 60% limit that regularly applies

     a. Contributions to supporting organizations or donor advised funds do not qualify for the               increased limit 

2. Cash contributions made by corporations in 2020 to public charities are subject to a limit of

    25% of pretax income – not the 10% limit that regularly applies

     a. Contributions to supporting organizations or donor advised funds are not eligible for the

         increased limit

3. Excess contributions above these limits may be carried over

4. The limit on deductible food inventory contributions is increased from 15% to 25% of pretax

     income

First Baptist Church of Port Orchard 

2308 Sidney Ave. | P.O. Box 124

Port Orchard, WA 98366

360.876.2374 | office@fbcpo.org

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