The program is already done. Your specific maximum depends on the rest of your situation, and whether the standard deduction or itemized deductions is chosen. The program includes the expanded limits, which allow charitable donations up to 100% of your Adjusted Gross Income.
Two new areas were added, but you will not see them until the entries trigger the extra questions.
- For large donations, once a large donation amount is entered and you have selected Continue, then the new TurboTax will ask Were any of your donations to a fraternal order, veteran's group, nonprofit cemetery or other 30% charity? Answer yes or no and Continue through the rest of the interview.
All donations that meet the criteria under the Cares Act will qualify for the 100% of Adjusted Gross Income deduction automatically in TurboTax. To qualify, the IRS clarifies that the contribution must be:
- made during the calendar year 2020
- made to a qualifying organization;
- a cash contribution;
- To qualify for the Cares Act above-the-line deduction of up to $300 for all filing statuses except married filing separately at $150 each, for standard deduction filers, keep in mind the IRS clarifies that the contribution must be:
- a cash contribution;
- made to a qualifying organization;
- made during the calendar year 2020
To trigger this screen, run through all the deductions and credits and click Wrap Up Tax Breaks again to trigger the Cares Act Charitable Donation without itemizing your deductions screen. Enter the amount up to $300 for all taxpayers except married filing separate, who would each have a maximum of $150, and proceed through the rest of the interview.
To enter charitable donations in TurboTax, follow these steps:
- From the left menu, select Federal
- Four tabs will appear across the top of your program. Select the second tab, Deductions & Credits.
- Scroll to Charitable Donations and select Start to begin.
- Answer Yes to Do you want to enter your donations for 2020?
- For each donation, follow these steps:
- Enter who the donation was to at Let's enter your donations one at a time and indicate what type of item was donated, either an Item, Money, Stock, or Mileage and travel expenses
- Follow the prompts from there, and enter the amount of the donation
- When finished, select Done with This Donation
- Select + Add Another Donation if you have additional entries and Continue.
For more information, see IRS Charitable Contributions Deductions
[Edited 02/20/2021 | 5:31 AM PST]
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