Hi,
I am trying to understand why my charitable donations are limited to 50% of AGI and the rest designated for next year's carryover.
- Cash donations are less than 60% of AGI
- Non-cash (stocks) donations are less than 30% of AGI
- The two combined above are about 58% of AGI.
- TurboTax calculates "Allowed contribution" at 50% of AGI and puts the rest as carryover.
What am I missing here? Is there an overall limit of 50%?
