Can I claim a tax deduction for a charitable donation?

The IRS allows deductions for cash and noncash donations based on annual rules and guidelines. The 2023 and 2024 rules require donors to itemize their deductions to claim any charitable contribution deductions and are limited to the AGI limit of 60% for cash donations for qualified charities.

What is the deduction limit for charitable contributions?

If you plan to claim itemized deductions for charitable contributions on your tax return, the deduction limit has reverted back to a maximum of 60% of your AGI. As noted above, the exact percentage you can claim is influenced by the type of contribution.

What if a charitable donation exceeds a standard deduction?

When the total of your allowable itemized deductions exceeds the standard deduction amount, you should come out ahead by itemizing. In that case, you'd claim charitable donations on Schedule A (Form 1040). As a general rule, you can deduct donations totaling up to 60% of your adjusted gross income (AGI).