Charitable Donations

[philchid]

Turbo Tax 2021 has an issue in Schedule A line 14. It is limiting charitable contributions to 50% of AGI. In the CARES act it allows up to 100% AGI cash contibutions and up to 30% AGI for security contributions. This error was in Turbo Tax 2020 and was corrected later in the year. It needs to be corrected on Turbo Tax 2021. Any timeline on when this will be resolved?

[BillM223]

Many federal forms are not yet released. This means that the software to drive the form has not been completed and tested, nor has the form been updated.

Last year, this was one example of the "moving the goalposts" that Congress did, that is, changing the tax code during tax season (instead of before tax season started, as is normal). Eventually, it was integrated into TurboTax for tax year 2020.

At the moment you will find that for many forms that are not yet released, that the changes made during last tax season are not in the current 2021 tax software. I expect that you will find that these changes will be addressed before the forms are made generally available. 

Schedule A is not scheduled to be available until 1/20/2022. Please follow the availability of Schedule A and all federal forms at this link.

@philchid