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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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).
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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