My wife and I are filing a joint return. Our AGI is roughly 75,000. Our donations are roughly 40,000 in cash only. One of our cash donations is for 24,000 (all by itself). TurboTax is only allowing a total of roughly 12,000 in cash donations. Why? What formula is TurboTax using to disallow the rest of the donations? What do I need to do?
It depends on who the donations were made to. Donations can be limited to 20%-60% of your AGI. See the following links for more information regarding charitable donations:
The problem was completely different from what I thought it was. I had grossly overestimated our Adjusted Gross Income. Took a lot of research to see how I should have done it. It would be really nice to have such a "calculator" available so users could see how it works. Would have saved me a lot of trouble. Thanks for your response.