Treasury is reviewing the recently enacted tax law changes, including the new Marijuana Wholesale Tax. Developing clear and accurate information for tax stakeholders is our top priority. This guidance will be posted to our website in the coming weeks.
Charitable contribution deductions from Adjusted Gross Income (AGI) are $300 for 2020 (single/joint) or the $300 (single) and $600 (joint) for 2021. Are these deductions from AGI in 2020 and 2021 also deductions for total household resources?
For tax year 2020 the charitable cash contribution is a deduction from adjusted gross income and therefore Total Household Resources as well.
For tax year 2021 the charitable cash contribution is not a deduction from adjusted gross income and therefore would not be a deduction from Total Household Resources.