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The 2020 CARES Tax Act increases the limit on cash Charitable Deductions from 60% to 100%. As of 03-Feb Turbo Premier uses 60%. When will this be implemented?
Reference: https://www.irs.gov/newsroom/how-the-cares-act-changes-deducting-charitable-contributions
states that "The CARES Act also temporarily suspends limits on charitable contributions and temporarily increases limits on contributions of food inventory. More information about these changes is available on IRS.gov."
The instructions for Form 1040 refer to PUB 526
states that "The CARES Act also temporarily suspends limits on charitable contributions and temporarily increases limits on contributions of food inventory. More information about these changes is available on IRS.gov."
The instructions for Form 1040 refer to PUB 526
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‎February 3, 2021
2:15 PM