Deductions & credits

We will route your issue to the correct team to look at the error you saw regarding cash contributions to private foundations.  Thank you.

In the meantime, here is a helpful TurboTax article.

 

 

Here are some of the changes due to the CARES ACT

The new legislation allows tax deductions on two types of charitable gifts. First, it allows up to $300 given to a qualified charity to be claimed as an above-the-line deduction. After the Tax Cuts and Jobs Act, which went into effect in 2018, increased the standard deduction, many taxpayers had less incentive to donate to charities. Instead, they took the standard deduction and stopped itemizing.

 

For taxpayers who will itemize deductions, the CARES Act effectively suspends the limit on deductions for cash contributions to public charities for 2020. That allows individuals to completely wipe out their AGI, and their tax liability, with a charitable contribution.

 

@c1mth0g

Adapted from Cynthiad66: