If you have not already filed, this can be fixed.
However, keep in mind, this is not a dollar for dollar reduction in tax. It is a reduction of the income subject to tax. In other words, if you were in the 10% tax bracket, a full $300 deduction would give you a $300 * 10% = $30 benefit.
To adjust your charitable donation above-the-line deduction: Return to the Donations section of your return, remove your entry in the CARES Act Charitable Donation screen, and enter it first in the regular charitable donations section.
The extra cash donation is allowable up to $300 for all taxpayers except married filing separate, who would each have a maximum of $150.
To do this in TurboTax, follow these steps:
- First, enter in the charitable donation amount as you normally would.
- From the left menu, select Federal.
- Select the second tab from the left across the top, Deductions & Credits.
- Scroll down to Charitable Donations.
- Enter your details.
- When finished entering all donations, select Done with Charitable Donations and Continue.
- Scroll to the end of Deductions & Credits and select Done with Deductions.
- You may need to respond to any other additional questions. You will eventually see: The Standard Deduction is Right for You!
- Click Continue.
- Now, you will see Charitable Cash Contributions under Cares Act where you will see any qualified contribution amount already entered from your earlier posts. Select Continue.
- If you have entered something else in this field, delete it so that TurboTax will calculate it automatically.
For more information, see IRS Charitable Contributions Deductions.
