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Individual filers can deduct up to $300 even if they don't itemize, which is good news for many! Also this year, donors who do itemize can now claim cash contributions up to 100% of their adjusted gross income on their 2020 returns, which is up from 60% in previous years.

Hear this out loud PauseA new deduction (634) is available to deduct certain expenses for which a deduction is not permitted for federal income tax purposes because an employer claimed a COVID-related employee retention credit.

As a result, Indiana differs in some ways with federal deductions extended by PATH. On Section 179, Indiana has an expensing limitation of $25,000 and a phase-out limitation of $2 million. Federal 179 deductions taken in excess of $25,000 must be added back to the Indiana return.

A new deduction (634) is available to deduct certain expenses for which a deduction is not permitted for federal income tax purposes because an employer claimed a COVID-related employee retention credit.

Tax Add-Back If you claimed a deduction on a Schedule C, C-EZ, E, or F for taxes paid based on, or measured by income and levied at a state level by any state in the U.S., you must add this deduction back to your Indiana return. DO NOT INCLUDE PROPERTY TAXES ON THIS LINE.

The required addback is the amount of the state income tax deduction claimed on the taxpayer's federal return or the amount by which a taxpayer's total itemized deductions exceed the standard deduction otherwise allowable to the taxpayer, whichever is less.