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Deductions & credits
it depends. Let's address these questions one at a time.
- If you had Charitable carryovers from year's past, then these can be deducted this year up to 100% of your AGI regardless of AGI limitations in the past. So it sounds like Turbo Tax allowed your carryovers plus this year's contributions because these were within the 100% AGI threshold or was deducted right up to the threshold. Any excess will be carryforward into next year.
- If you had other deductions, then yes your total deductions may have been more than your AGI.
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March 4, 2021
6:14 PM