100%
Individuals can elect to deduct donations up to 100% of their 2020 AGI (up from 60% previously). Corporations may deduct up to 25% of taxable income, up from the previous limit of 10%. The new deduction is for gifts that go to a public charity, such as Make-A-Wish.

What is the maximum allowable charitable deduction?

According to IRS publication 526 (the gospel for qualified charitable contributions): The amount you can deduct for charitable contributions generally is limited to no more than 60% of your adjusted gross income. At a maximum, you will be able to deduct 60%.

Is there a limit to charitable deductions in 2020?

(The CARES Act also effectively suspended the ceiling for qualified charitable contributions made in 2020 by limiting the deduction to 100% of the taxpayer’s contribution base (CARES Act § 2205).) Therefore, contributions of noncash property are not allowed as an above-the-line deduction.

Are there limits on how much you can contribute to a charity on a 1040?

Cash contributions if you don’t itemize deductions. If you don’t itemize your deductions on Schedule A (Form 1040), you may qualify to take a deduction for contributions of up to $300. See Cash contributions for individuals who do not itemize deductions, later. Temporary suspension of limits for cash contributions.

Is there a charitable contribution deduction for nonitemizers?

Allowing nonitemizers to deduct charitable contributions is not a new concept. The Economic Recovery Tax Act of 1981, P.L. 97-34, allowed a charitable contribution deduction from AGI for nonitemizing taxpayers (Sec. 170 (i), before deletion by the Omnibus Budget Reconciliation Act of 1990, P.L. 101-508).

Is there a limit on the deduction for AGI for 2020?

For individuals, the 50%-of-adjusted-gross-income (AGI) limitation is suspended for 2020. Additionally, individuals will be permitted an above-the-line deduction, up to $300, for cash contributions.