This screen in TurboTax Premier 2020 states that the IRS limits donation deductions to 100% of AGI.
I reported it to Support .... but am not confident anything will change.
I've been able to fudge the numbers in my desktop system to match the IRS, but I'm worried about getting my carryovers accurate next year. Any thoughts?
TT is correct. The CARES Act made the limitation 100% of AGI for 2020 only. Was your contribution in cash? to a donor-advised fund? The limit was NOT increased for DAF contributions. (And certain private foundations and I think some other unusual charitable orgs that aren't technically public charities. Has be donations to operating charities. Also it appears to exclude donation of appreciated security or non-cash property, but I'd want to check the actual text of the law.)
Pub 526 page 15 agrees when I look it up. Where do you see Pub 526 saying otherwise (for TY 2020 only).
https://www.irs.gov/pub/irs-pdf/p526.pdf
Qualified cash contributions for 2020. If you make a qualified cash contribution for tax year
2020, your deduction for the cash contribution is limited to 100% of your adjusted gross income (AGI) minus your deduction for all other contributions. A qualified cash contribution must meet the following criteria.
• It is a charitable contribution paid in cash or by check after December 31, 2019.
• It is paid to an organization described earlier under First category of qualified organizations (50% limit organizations) (other than certain private foundations described in section 509(a)(3)).
• The taxpayer elected to have this limitation apply to such contribution.
Exception. Qualified contributions don’t include a contribution to a segregated fund or account for which you (or any person you appoint or designate) have or expect to have advisory privileges with respect to distributions or investments based on your contribution