If an individual can deduct $300 under the CARES Act, can a couple filing jointly deduct $600?

By April 23, 2020 May 27th, 2020 Blog

NO!

According to the Joint Committee on Taxation’s Report – JCX 12R-20 (April 23, 2020)
The provision permits an eligible individual to claim an above-the-line deduction in an amount not to exceed $ 300 for qualified charitable contributions made during a taxable year that begins in 2020. n75 The above-the-line deduction is not available for contributions made during a taxable year that begins after 2020. An eligible individual is an individual who does not elect to itemize deductions. n76 Thus, a taxpayer taking the standard deduction, who absent the provision would not be able to deduct any charitable contributions, may claim an above-the-line deduction for qualified charitable contributions.

 

n75 Sec. 62(a)(22).

n76 Sec. 62(f)(1). The $ 300 limit applies to the tax-filing unit. Thus, for example, married taxpayers who file a joint return and do not elect to itemize deductions are allowed to deduct up to a total of $ 300 in qualified charitable contributions on the joint return.

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David Baker

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