The question "Are charitable contributions 100 or 60?" is somewhat ambiguous, but it seems to be referring to the tax deductibility of charitable donations. In the United States, the tax treatment of charitable contributions depends on several factors, including the type of organization you donate to, the nature of the donation, and your overall tax situation.

Understanding Charitable Contribution Deductions

When you make a charitable contribution to a qualified organization, you may be able to deduct the donation on your federal income tax return. The Internal Revenue Service (IRS) allows taxpayers to deduct charitable contributions, but there are limits based on your adjusted gross income (AGI) and the type of organization you donate to.

The 60% Limit

For cash donations to public charities, such as churches, schools, and other 501(c)(3) organizations, the IRS generally allows you to deduct up to 60% of your AGI. This means that if your AGI is $100,000, you can deduct up to $60,000 in cash contributions to qualified charities. However, this limit applies only to cash donations, not to donations of property or other non-cash items.

The 100% Limit

In response to the COVID-19 pandemic, the CARES Act temporarily increased the limit for cash contributions to public charities to 100% of AGI for the 2020 and 2021 tax years. This means that if your AGI was $100,000, you could potentially deduct up to $100,000 in cash contributions to qualified charities. However, this provision was temporary and has since expired, reverting the limit back to 60% of AGI for cash contributions.

Other Limits and Considerations

It's important to note that the 60% limit applies only to cash contributions to public charities. For donations to private foundations, the limit is generally 30% of AGI for cash contributions and 20% for non-cash contributions. Additionally, donations of appreciated assets, such as stocks or real estate, may have different limits and tax implications.

Documentation and Record-Keeping

To claim a charitable contribution deduction, you must itemize your deductions on Schedule A of your tax return. You also need to maintain proper documentation, including receipts, acknowledgment letters from the charity, and, in some cases, appraisals for non-cash donations. The IRS has specific requirements for different types of donations, so it's essential to keep accurate records.

Conclusion

In summary, the deductibility of charitable contributions depends on various factors, including the type of organization you donate to and the nature of the donation. For cash contributions to public charities, the general limit is 60% of your AGI, although this was temporarily increased to 100% for the 2020 and 2021 tax years. Always consult with a tax professional or refer to IRS guidelines to ensure you are complying with the latest tax laws and maximizing your deductions.

If you have specific questions about your tax situation or the deductibility of a particular donation, it's always a good idea to seek advice from a qualified tax advisor.