Tax-Smart Charitable Giving
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Important Disclosures
This information does not constitute and is not intended to be a substitute for specific individualized tax, legal, or investment planning advice.
Where specific advice is necessary or appropriate, Schwab recommends consultation with a qualified tax advisor, CPA, financial planner, or investment manager. A donor's ability to claim itemized deductions is subject to a variety of limitations depending on the donor's specific tax situation.
Please note: For 2021 if you take the standard deduction you can claim an "above-the-line" deduction of up to $300 ($600 for joint filers) for cash donations to charity. For 2021 only, the CARES Act allows those who itemize their deductions to elect for a 100% of AGI limit donation deduction for cash donations to certain operating charities (this does not include private foundations or donor advised funds, which are still covered by the 60% of AGI limit for cash donations). Please consult with a tax advisor for your specific situation.
Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve.
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