Is charitable giving a part of your financial strategy?
February 10, 2022
In 2020, Americans gave $471.44 billion in charitable donations. This reflects a 5.1% increase from 2019.1
Here are some things you should know about charitable giving for 2022:
- The charitable contributions deduction allows itemizers to deduct contributions of cash and property to charitable organizations, subject to certain limitations.2
- For a charitable contribution to be deductible, the recipient charity must be a qualified organization under tax law.2
- Annual AGI caps limit the total amount of charitable contribution deductions.2
- Taxpayers who do not itemize deductions may deduct up to $300 of cash contributions on single returns—or $600 if married filing jointly—in addition to claiming the standard deduction.2
- For 2021, the usual AGI ceiling on charitable contributions is revised to allow taxpayers to deduct up to 100% of AGI for cash contributions made to qualified charities.2
If you have questions about how to make your charitable contributions work for you, we are here to help!
1. https://www.nptrust.org/philanthropic-resources/charitable-giving-statistics/