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BagelsEngel
New Member

Where does Turbo Tax designate 20% charities?

I need to amend my return to designate a charity as a 30% charity, not 20% (thus I was able to deduct more). Where do I make that change to increase the deduction?
2 Replies
Carl
Level 15

Where does Turbo Tax designate 20% charities?

There are no "qualified" 20% charities. A qualified charity is either a 30% or a 50%. However, if your income is to high the percentage of a donation that you can deduct can be less than 30%. I suggest you read https://20somethingfinance.com/irs-maximum-charitable-donation-limit/ for what I find to be a "Plain Language" explanation of IRS Publication 526 (the gospel on charitable donations.)

 

Rick19744
Level 11

Where does Turbo Tax designate 20% charities?

I believe the OP is referring to the 20% limitation.

The 20% limitation applies to gifts of capital gain property to non-50% charities (e.g., most family-funded private foundations). This 20% limit is applied after considering the 60%, 50%, and 30% limits (if any) for the tax year. 

*A reminder that posts in a forum such as this do not constitute tax advice.*
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