topic Re: Cares Act in Self employed

Cares Act

hunkymon — Tue, 29 Dec 2020 01:33:36 GMT

I don't itemize, but I heard we can take up to $300 in deductions if we contributed to a qualified charity. Does the charity have to specifically apply for that $300 provision allowing me to take that deduction even though they are already have tax exempt status. Thanks in advance

Re: Cares Act

macuser_22 — Tue, 29 Dec 2020 01:52:25 GMT

Correct, but it must be a cash donation. Just enter is as a charitable donation in the Deduction & Credits section and when you are totally done with that section TurboTax will say the standard deduction will be used and will place up to $300 on the 1040 line 10b.