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Retirement tax questions
If you're using TurboTax online, the contribution must first be dealt with entered on the Schedule A contribution worksheet. It won't work through the 1040 worksheet, even though you need to get the cash onto line 10b of the 1040, and even if you are not going to itemize. Here's what to do:
- On the Deduction and Credits tab, search for Charitable Contributions.
- Search for charitable contributions and click on Jump to charitable contributions.
- When prompted, tell TurboTax that the contribution was cash/money.
When you follow these steps, TurboTax should automatically assume that you are taking the standard deduction instead of itemizing. Then it will ask you to enter the cash amount of the contribution, which is 1040 line 10b.
Line 10b
If you don't itemize deductions on Schedule A (Form 1040), you (or you and your spouse if filing jointly) may be able to take a charitable deduction for cash contributions made in 2020.
‎February 19, 2021
2:58 PM