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shak0000
Level 2
Dec 20, 2024 4:31 PM UTC
Solved

Charitable contribution limits

Hi,

I am trying to understand why my charitable donations are limited to 50% of AGI and the rest designated for next year's carryover.  

- Cash donations are less than 60% of AGI

- Non-cash (stocks) donations are less than 30% of AGI

- The two combined above are about 58% of AGI.

- TurboTax calculates "Allowed contribution" at 50% of AGI and puts the rest as carryover.

What am I missing here?  Is there an overall limit of 50%?

 

 

    Mike9241
    Mike9241Answer
    Level 15
    Dec 20, 2024 5:45 PM UTC

    Expert Reviewed

    from iRS pub 526 maybe this is the reason

      4. Contributions of capital gain property subject to the limit based on 30% of AGI. Deduct the contributions that don’t exceed the smaller of:
    a. 30% of your AGI, or
    b. 50% of your AGI minus your contributions subject to the limits based on 60% or 50% of AGI (other than    qualified conservation contributions).

    Mike9241
    View in thread

    1 reply

    Mike9241
    Level 15
    Mike9241Level 15Answer
    Level 15
    Dec 20, 2024 5:45 PM UTC

    Expert Reviewed

    from iRS pub 526 maybe this is the reason

      4. Contributions of capital gain property subject to the limit based on 30% of AGI. Deduct the contributions that don’t exceed the smaller of:
    a. 30% of your AGI, or
    b. 50% of your AGI minus your contributions subject to the limits based on 60% or 50% of AGI (other than    qualified conservation contributions).

    Mike9241
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