Through the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which was passed by Congress in March 2020, the legislation has extended the modified cap on annual contributions from 60% of adjusted gross income (AGI) to 100% of AGI through 2021.. Learn more
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Through the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which was passed by Congress in March, the legislation has modified the existing cap on annual contributions from 60% of adjusted gross income (AGI) to 100% of AGI for contributions made in 2020 for those who itemize. Every taxpayer can now receive a charitable tax deduction for contributions made in 2020 of up to $300 even if they do not itemize their tax returns under current law. Please consult your accountant or financial advisor with any questions. Please take advantage of this opportunity by giving to the AOPA Foundation today!