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CARES Act Increases Deductions for Charitable Contributions
Congress has recognized that the generous gifts donors provide to nonprofits is a crucial way everyone can help in this crisis. Thanks to the CARES Act, you can help IIE support students and scholars while saving money on your taxes next year.
For those who don’t itemize their taxes: The bill allows an above-the-line deduction up to $300 per taxpayer ($600 for a married couple) for charitable contributions.
For those who do itemize: The bill increases the cap on annual giving to 100% of adjusted gross income.