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?
Make a postAsk questions and learn more about your taxes and finances.
JB_tax_man
Returning Member
user68564
Level 3
shak0000
Level 2
jbthorstad
Level 1
dde1
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.