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Deductions & credits
As IRS allows you to deduct your monthly expenses spent on hosting a foreign exchange student up to $50 a month, you will treat it as if donating cash to the charity. As the maximum amount for deduction is $50 a month, you will be allowed to claim up to $50x12=$600 for a year.
To enter the information, in TurboTax online edition, here are the steps:
- Sign in to your account and select Pick up where you left off
- At the upper right corner, In the search box, type in donations and Enter
- Select the "Jump to donations" link in the search results.
- Next screen, answer Yes to Did you make any donations to charity?
- Next screen, answer No to the Its Deductible questions
- Follow prompts
‎June 5, 2019
3:08 PM