- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
$300 Tax Charitable Donations cap.
According to an article by Michelle Singletary of the Washington Post, married couples filing jointly should each receive the $300 charitable deductions cap. She was quoting a comment received from an IRS person. This should apply to us because we gave significantly more than the total $600 to eligible charities but only got one $300 deduction. Is this a problem with Turbo Tax?
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
The $300 is only available if you take the standard deduction for 2020 - nothing if you itemize. also, it has to be a "money" (cash) contribution. you enter it through the contribution worksheet and then Turbotax should compute the deduction after you finish with your itemized deductions. It is only then that Turbotax can determine whether to use the standard or itemized deduction.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
The 600 is for next year300 each. It is only 300 max for 2020.