My business donated $10,000 cash to a nonprofit organization. Which contributions limits should I use. A. Cash Contributions 60% or G. Contributions 100%? Please help.

I am at the part of Turbotax where it is asking for Charitable contribution entry and there is a list to choose from. A. Cash Contributions (60%)...... and the last entry is G. Contributions (100%).

What are these percentages mean and which one is the most appropriate for my situation.

Please help. thank you so much in advance.

posted

Thank you so much for you response. It looks like you are an exert in this tax area and I am just learning about it. If you don't mind, can you please explain what the various different percentages mean and why in my situation, a 60% limitation is most appropriate. Thank you again.