Yes. That is correct. This is from IRS Pub 526. TurboTax follows IRS guidelines. See below
The 2021 tax year offers a special, generous allowance. Usually, individual itemizers are allowed to deduct up to 60% of their adjusted gross incomes (AGI) for cash donations to qualified charities. However, in 2021, they generally can deduct cash contributions equal to 100% of their AGI.
Qualified cash contributions for 2021. If you make a qualified cash contribution for tax year 2021, your deduction for the cash contribution is limited to 100% of your AGI minus your deduction for all other contributions. A qualified cash contribution must meet the following criteria. • It is a charitable contribution paid in cash or by check after December 31, 2020.
- • It is paid to an organization described earlier under First category of qualified organizations (50% limit organizations) (other than certain private foundations described in section 509(a)(3)).
- • The taxpayer elected to have this limitation apply to such contribution. Exception. Qualified contributions don’t include a contribution to a segregated fund or account for which you (or any person you appoint or designate) have or expect to have advisory privileges with respect to distributions or investments based on your contribution.
Limit based on 60% of adjusted gross income (AGI) If you make cash contributions during the year to an organization described earlier under First category of qualified organizations (50% limit organizations), and you elect not to treat it as Qualified cash contributions for 2021, your deduction for the cash contributions is 60% of your AGI. This 60% limit doesn’t apply to noncash charitable contributions. See Noncash contributions to 50% limit organizations, later, if you contribute something other than cash to a 50% limit organization.
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