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Retirement tax questions
Go to the Charitable Donations section under Deductions & Credits to enter the amount of your cash donation. If you do not itemize, then the amount of the cash donation up to $300 will automatically carry to form 1040 line 10b. This will correct the problem.
To enter charitable donations -
- Click on Federal Taxes (Personal using Home and Business)
- Click on Deductions and Credits
- Click on I'll choose what I work on (if shown)
- Scroll down to Charitable Donations
- On Donations to Charity in 2020, click on the start or update button
Under the CARES Act, there is the addition of a new charitable deduction up to $300 on your 2020 taxes for your cash donations made to a 501(c)(3) organization even if you don’t itemize your deductions. This will be something for taxpayers to keep in mind since close to 90% of taxpayers now claim the standard deduction instead of itemizing and are no longer able to deduct charitable contributions under tax reform.
February 2, 2021
11:03 AM