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.

How much can you deduct from a charitable contribution?

There are Internal Revenue Service (IRS) limits for the total amount of charitable contribution deductions. Cash donations for 2022 and later are generally limited to 60% of the taxpayer’s adjusted gross income (AGI). To deduct a charitable contribution, taxpayers must itemize deductions on Schedule A of Form 1040.

When can I deduct charitable contributions?

Individuals can deduct contributions only in the year in which they donate. This applies whether the taxpayers use the cash or accrual method of accounting. Those who claim deductions for your charitable contributions need to record each donation.