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2021 Charitable Contribution Change


Lee B

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I think most preparers are aware that for 2021, similar to 2020, that nonitemizers will be able to deduct $300 in cash contributions. In addition MFJ will be able to deduct $600 in 2021.

However, I would suspect that most preparers like me were not aware that the deduction has been moved from above the line

reducing AGI to below the line thus reducing Taxable Income but not reducing AGI.

Who knew?

 

 

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