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Retirement tax questions
@jwok11 wrote:
Hi,
I have a charitable cash donation of $50k (501c3) that’s listed as itemized deduction. But it wouldn’t show up on 1040 10a. So it doesn’t reduce my AGI by $50k on TurboTax. Is this a known bug? What would be the work around to this issue? Thanks.
For 2020 itemized charitable donations go on Schedule A and if more than the standard deduction go on the 1040 line 12. Line 10a is the Schedule 1 line 22 amount and has nothing to do with donations. The 1040 line 10b (not 10a) allows cash donations not exceeding $300 if you do not itemize.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
November 30, 2021
10:59 AM