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%?
You'll need to sign in or create an account to connect with an expert.
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).
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
loharris12
New Member
melliemuse
New Member
cfellows
Returning Member
rshjunk
New Member
lemaybernard
New Member