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Charitable contribution limits

Hi,

I am trying to understand why my charitable donations are limited to 50% of AGI and the rest designated for next year's carryover.  

- Cash donations are less than 60% of AGI

- Non-cash (stocks) donations are less than 30% of AGI

- The two combined above are about 58% of AGI.

- TurboTax calculates "Allowed contribution" at 50% of AGI and puts the rest as carryover.

What am I missing here?  Is there an overall limit of 50%?

 

 

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1 Best answer

Accepted Solutions
Mike9241
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

Charitable contribution limits

from iRS pub 526 maybe this is the reason

  4. Contributions of capital gain property subject to the limit based on 30% of AGI. Deduct the contributions that don’t exceed the smaller of:
a. 30% of your AGI, or
b. 50% of your AGI minus your contributions subject to the limits based on 60% or 50% of AGI (other than    qualified conservation contributions).

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1 Reply
Mike9241
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

Charitable contribution limits

from iRS pub 526 maybe this is the reason

  4. Contributions of capital gain property subject to the limit based on 30% of AGI. Deduct the contributions that don’t exceed the smaller of:
a. 30% of your AGI, or
b. 50% of your AGI minus your contributions subject to the limits based on 60% or 50% of AGI (other than    qualified conservation contributions).

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