topic Cash Charity deduction limits in Deductions & credits https://ttlc.intuit.com/community/tax-credits-deductions/discussion/cash-charity-deduction-limits/01/2007143#M189338 <P>As per IRS publication, for year 2020, 100% of AGI can be deducted for cash donations. Turbo tax limits to donation for 60%.</P><P>&nbsp;</P><P>Looking for way to get around this issue or if TT has a fix avail?</P><P>&nbsp;</P><P>As per IRS Publication:</P><P>Temporary Suspension of Limits on Charitable Contributions</P><P>In most cases, the amount of charitable cash contributions taxpayers can deduct on Schedule A as an itemized deduction is limited to a percentage (usually 60 percent) of the taxpayer’s adjusted gross income (AGI). Qualified contributions are not subject to this limitation. Individuals may deduct qualified contributions of up to 100 percent of their adjusted gross income. A corporation may deduct qualified contributions of up to 25 percent of its taxable income. Contributions that exceed that amount can carry over to the next tax year. To qualify, the contribution must be:&nbsp;</P><UL><LI>a cash contribution;</LI><LI>made to a qualifying organization;</LI><LI>made during the calendar year 2020</LI></UL><P>Contributions of non-cash property do not qualify for this relief. Taxpayers may still claim non-cash contributions as a deduction, subject to the normal limits.</P> Mon, 01 Mar 2021 02:42:40 GMT shishirshah 2021-03-01T02:42:40Z Cash Charity deduction limits https://ttlc.intuit.com/community/tax-credits-deductions/discussion/cash-charity-deduction-limits/01/2007143#M189338 <P>As per IRS publication, for year 2020, 100% of AGI can be deducted for cash donations. Turbo tax limits to donation for 60%.</P><P>&nbsp;</P><P>Looking for way to get around this issue or if TT has a fix avail?</P><P>&nbsp;</P><P>As per IRS Publication:</P><P>Temporary Suspension of Limits on Charitable Contributions</P><P>In most cases, the amount of charitable cash contributions taxpayers can deduct on Schedule A as an itemized deduction is limited to a percentage (usually 60 percent) of the taxpayer’s adjusted gross income (AGI). Qualified contributions are not subject to this limitation. Individuals may deduct qualified contributions of up to 100 percent of their adjusted gross income. A corporation may deduct qualified contributions of up to 25 percent of its taxable income. Contributions that exceed that amount can carry over to the next tax year. To qualify, the contribution must be:&nbsp;</P><UL><LI>a cash contribution;</LI><LI>made to a qualifying organization;</LI><LI>made during the calendar year 2020</LI></UL><P>Contributions of non-cash property do not qualify for this relief. Taxpayers may still claim non-cash contributions as a deduction, subject to the normal limits.</P> Mon, 01 Mar 2021 02:42:40 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/cash-charity-deduction-limits/01/2007143#M189338 shishirshah 2021-03-01T02:42:40Z Re: Cash Charity deduction limits https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-cash-charity-deduction-limits/01/2010707#M189706 <P><SPAN style="font-family:Arial,Helvetica,sans-serif"><SPAN style="font-size:12px">&nbsp;Yes. There is an issue with the contributions deduction and TurboTax is working to fix it.&nbsp; We do not have an estimated date of correction, at this time.&nbsp; I suggest you check back often to see if the correction has been made.</SPAN></SPAN></P> <P>&nbsp;</P> <P><SPAN style="font-family:Arial,Helvetica,sans-serif"><SPAN style="font-size:12px"><SPAN style="color:#2d3338">There is a problem with the Contributions section of the Itemized deductions and also the above the line $300.00 deduction.&nbsp; Because of the many changes due to the CARES Act, IRS is still developing the forms and publications on this issue.&nbsp; Last update was January 13th where everything is still in draft.&nbsp; Once IRS finalizes the forms, we will be able to update TurboTax to accurately reflect your Contributions deduction.</SPAN></SPAN></SPAN></P> <P>&nbsp;</P> <P><SPAN style="font-family:Arial,Helvetica,sans-serif"><SPAN style="font-size:12px"><SPAN style="color:#2d3338">However, this is a workaround that will fix your issue.</SPAN></SPAN></SPAN></P> <P>&nbsp;</P> <P><SPAN style="font-family:Arial,Helvetica,sans-serif"><SPAN style="font-size:12px">Follow these steps to resolve the issue:</SPAN></SPAN></P> <OL> <LI><SPAN style="font-family:Arial,Helvetica,sans-serif"><SPAN style="font-size:12px">Open or continue your return.</SPAN></SPAN></LI> <LI><SPAN style="font-family:Arial,Helvetica,sans-serif"><SPAN style="font-size:12px">Select&nbsp;<STRONG>Personal</STRONG>&nbsp;(or&nbsp;<STRONG>Federal</STRONG>) and then&nbsp;<STRONG>Deductions &amp; Credits</STRONG>.</SPAN></SPAN></LI> <LI><SPAN style="font-family:Arial,Helvetica,sans-serif"><SPAN style="font-size:12px">Scroll down to&nbsp;<EM>Charitable Donations</EM>&nbsp;and next to&nbsp;<EM>Donations to Charity in 2020</EM>, select&nbsp;<STRONG>Update/Edit/Revisit</STRONG>.</SPAN></SPAN></LI> <LI><SPAN style="font-family:Arial,Helvetica,sans-serif"><SPAN style="font-size:12px">On the&nbsp;<EM>Review All Your Charities</EM>&nbsp;screen, select&nbsp;<STRONG>Done with Charitable Donations</STRONG>.</SPAN></SPAN></LI> <LI><SPAN style="font-family:Arial,Helvetica,sans-serif"><SPAN style="font-size:12px">Select&nbsp;<STRONG>Yes</STRONG>&nbsp;on the&nbsp;<EM>Donation Limits screen</EM>.</SPAN></SPAN></LI> <LI><SPAN style="font-family:Arial,Helvetica,sans-serif"><SPAN style="font-size:12px">Select&nbsp;<STRONG>100%/50% Charity</STRONG>&nbsp;on all applicable donations and&nbsp;<STRONG>Continue</STRONG>&nbsp;until completed for each donation.</SPAN></SPAN></LI> <LI><SPAN style="font-family:Arial,Helvetica,sans-serif"><SPAN style="font-size:12px">Once complete, line 14 of Schedule A will reflect the appropriate deduction amount.</SPAN></SPAN></LI> </OL> Mon, 01 Mar 2021 20:03:54 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-cash-charity-deduction-limits/01/2010707#M189706 Cynthiad66 2021-03-01T20:03:54Z Re: Cash Charity deduction limits https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-cash-charity-deduction-limits/01/2014388#M190098 <P>Seems like fix just came in. Thanks</P> Tue, 02 Mar 2021 06:12:32 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-cash-charity-deduction-limits/01/2014388#M190098 shishirshah1 2021-03-02T06:12:32Z
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topic Cash Charity deduction limits in Deductions & credits
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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/cash-charity-deduction-limits/01/2007143#M189338
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<P>As per IRS publication, for year 2020, 100% of AGI can be deducted for cash donations. Turbo tax limits to donation for 60%.</P><P>&nbsp;</P><P>Looking for way to get around this issue or if TT has a fix avail?</P><P>&nbsp;</P><P>As per IRS Publication:</P><P>Temporary Suspension of Limits on Charitable Contributions</P><P>In most cases, the amount of charitable cash contributions taxpayers can deduct on Schedule A as an itemized deduction is limited to a percentage (usually 60 percent) of the taxpayer’s adjusted gross income (AGI). Qualified contributions are not subject to this limitation. Individuals may deduct qualified contributions of up to 100 percent of their adjusted gross income. A corporation may deduct qualified contributions of up to 25 percent of its taxable income. Contributions that exceed that amount can carry over to the next tax year. To qualify, the contribution must be:&nbsp;</P><UL><LI>a cash contribution;</LI><LI>made to a qualifying organization;</LI><LI>made during the calendar year 2020</LI></UL><P>Contributions of non-cash property do not qualify for this relief. Taxpayers may still claim non-cash contributions as a deduction, subject to the normal limits.</P>
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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/cash-charity-deduction-limits/01/2007143#M189338
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<P>As per IRS publication, for year 2020, 100% of AGI can be deducted for cash donations. Turbo tax limits to donation for 60%.</P><P>&nbsp;</P><P>Looking for way to get around this issue or if TT has a fix avail?</P><P>&nbsp;</P><P>As per IRS Publication:</P><P>Temporary Suspension of Limits on Charitable Contributions</P><P>In most cases, the amount of charitable cash contributions taxpayers can deduct on Schedule A as an itemized deduction is limited to a percentage (usually 60 percent) of the taxpayer’s adjusted gross income (AGI). Qualified contributions are not subject to this limitation. Individuals may deduct qualified contributions of up to 100 percent of their adjusted gross income. A corporation may deduct qualified contributions of up to 25 percent of its taxable income. Contributions that exceed that amount can carry over to the next tax year. To qualify, the contribution must be:&nbsp;</P><UL><LI>a cash contribution;</LI><LI>made to a qualifying organization;</LI><LI>made during the calendar year 2020</LI></UL><P>Contributions of non-cash property do not qualify for this relief. Taxpayers may still claim non-cash contributions as a deduction, subject to the normal limits.</P>
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<title>Re: Cash Charity deduction limits</title>
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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-cash-charity-deduction-limits/01/2010707#M189706
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<P><SPAN style="font-family:Arial,Helvetica,sans-serif"><SPAN style="font-size:12px">&nbsp;Yes. There is an issue with the contributions deduction and TurboTax is working to fix it.&nbsp; We do not have an estimated date of correction, at this time.&nbsp; I suggest you check back often to see if the correction has been made.</SPAN></SPAN></P> <P>&nbsp;</P> <P><SPAN style="font-family:Arial,Helvetica,sans-serif"><SPAN style="font-size:12px"><SPAN style="color:#2d3338">There is a problem with the Contributions section of the Itemized deductions and also the above the line $300.00 deduction.&nbsp; Because of the many changes due to the CARES Act, IRS is still developing the forms and publications on this issue.&nbsp; Last update was January 13th where everything is still in draft.&nbsp; Once IRS finalizes the forms, we will be able to update TurboTax to accurately reflect your Contributions deduction.</SPAN></SPAN></SPAN></P> <P>&nbsp;</P> <P><SPAN style="font-family:Arial,Helvetica,sans-serif"><SPAN style="font-size:12px"><SPAN style="color:#2d3338">However, this is a workaround that will fix your issue.</SPAN></SPAN></SPAN></P> <P>&nbsp;</P> <P><SPAN style="font-family:Arial,Helvetica,sans-serif"><SPAN style="font-size:12px">Follow these steps to resolve the issue:</SPAN></SPAN></P> <OL> <LI><SPAN style="font-family:Arial,Helvetica,sans-serif"><SPAN style="font-size:12px">Open or continue your return.</SPAN></SPAN></LI> <LI><SPAN style="font-family:Arial,Helvetica,sans-serif"><SPAN style="font-size:12px">Select&nbsp;<STRONG>Personal</STRONG>&nbsp;(or&nbsp;<STRONG>Federal</STRONG>) and then&nbsp;<STRONG>Deductions &amp; Credits</STRONG>.</SPAN></SPAN></LI> <LI><SPAN style="font-family:Arial,Helvetica,sans-serif"><SPAN style="font-size:12px">Scroll down to&nbsp;<EM>Charitable Donations</EM>&nbsp;and next to&nbsp;<EM>Donations to Charity in 2020</EM>, select&nbsp;<STRONG>Update/Edit/Revisit</STRONG>.</SPAN></SPAN></LI> <LI><SPAN style="font-family:Arial,Helvetica,sans-serif"><SPAN style="font-size:12px">On the&nbsp;<EM>Review All Your Charities</EM>&nbsp;screen, select&nbsp;<STRONG>Done with Charitable Donations</STRONG>.</SPAN></SPAN></LI> <LI><SPAN style="font-family:Arial,Helvetica,sans-serif"><SPAN style="font-size:12px">Select&nbsp;<STRONG>Yes</STRONG>&nbsp;on the&nbsp;<EM>Donation Limits screen</EM>.</SPAN></SPAN></LI> <LI><SPAN style="font-family:Arial,Helvetica,sans-serif"><SPAN style="font-size:12px">Select&nbsp;<STRONG>100%/50% Charity</STRONG>&nbsp;on all applicable donations and&nbsp;<STRONG>Continue</STRONG>&nbsp;until completed for each donation.</SPAN></SPAN></LI> <LI><SPAN style="font-family:Arial,Helvetica,sans-serif"><SPAN style="font-size:12px">Once complete, line 14 of Schedule A will reflect the appropriate deduction amount.</SPAN></SPAN></LI> </OL>
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<title>Re: Cash Charity deduction limits</title>
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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-cash-charity-deduction-limits/01/2014388#M190098
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<description><P>Seems like fix just came in. Thanks</P></description>
<pubDate>Tue, 02 Mar 2021 06:12:32 GMT</pubDate>
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