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Why TurboTax doesn’t deduct charitable donation from my AGI directly?
I have a charitable cash donation of $50k (501c3) that’s listed as an itemized deduction on schedule A. And I have an IRA conversion to Roth IRA of $80K as my total income. But the $50K donation wouldn’t show up on 1040 10a. So my AGI stays the same on TurboTax 2020 as $80K. I’d hope the donation can help me to reduce the AGI (line 11 on 1040) to $30K. The $50K donation is only listed as an itemized deduction... Is this a bug of TurboTax? What would be the work around to reduce AGI with a high donation? Thanks.
November 30, 2021
11:56 AM