turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Event: Ask the Experts about your refund > RSVP NOW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

dteza1
New Member

How are charitable contribution handled. Max donation. actual $s in tax savings

 
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

5 Replies

How are charitable contribution handled. Max donation. actual $s in tax savings

Charitable Contributions are considered an itemized deduction to be taken on Schedule A. Itemized deductions are used in lieu of the fixed amount of standard deduction (based on your filing status and age) if all the itemized expenses combined result in a higher deduction. Itemized deductions reduce your taxable income, thus reduce your tax. 

If your charitable contributions are the only itemized deduction you have listed, then that may be why you see this as the maximum tax savings. Itemized deductions (and how they affect your taxes) can be found on line 40 of Form 1040.

You can view your 1040 form by viewing your tax summary:

  • Login to your TurboTax online account
  • Click Take me to my account
  • Click My Account in the upper right hand corner, then Tools; The Tools Center pop up screen will appear. Click View Tax Summary under Other helpful links...
  • This will take you to the Review Tax Summary screen. There you can also view your actual Federal and State Tax Summary

Charitable contributions usually require that you have proof to back up the donation.  

CASH DONATIONS

  • For cash donations under $250, you'll either need a bank record (cancelled check, bank statement, etc.) or a written acknowledgment from the charity which includes the date and amount of your contribution. 
  • Bank records are insufficient for cash donations of $250 or more; instead, you'll need something in writing (letter) from the charity which includes the date and amount of your donation.
  • Donations made through payroll deduction require you to keep a paystub, Form W-2 or other document furnished by your employer that shows the date and amount of your contribution.  

NON CASH DONATIONS

  • For noncash donations under $250 in value, you'll need a receipt unless the items were dropped off at an unmanned location such as a clothing bin.
  • Noncash donations from $250 to $500 in value require a receipt that includes the charity's name, address, date, donation location and description of items donated.
  • Noncash donations over $500 in value also require a record of how and when the items were acquired and their adjusted basis, and if the donation exceeds $5,000 in value, it'll need a written appraisal from a qualified appraiser.

You can also deduct un-reimbursed expenses directly related to charity work, such as mileage or parking.

The link below explains how to enter charitable contributions into TurboTax online:

https://ttlc.intuit.com/replies/4797927

t001429
New Member

How are charitable contribution handled. Max donation. actual $s in tax savings

where do I enter $300 cash contribution, above line, for Federal 1040 using Turbo Deluxe

How are charitable contribution handled. Max donation. actual $s in tax savings


@t001429 wrote:

where do I enter $300 cash contribution, above line, for Federal 1040 using Turbo Deluxe


After you have completed the Deductions & Credits section of the program and are receiving the Standard Deduction you will be asked about cash contributions to a qualified charitable organization.

t001429
New Member

How are charitable contribution handled. Max donation. actual $s in tax savings

I have entered all my charitable contributions for 2020 ....for state of MN.  There is no prompt about  "cash contributions to a qualified charitable org."  Why is Turbo tax hiding this deduction??  IRS says it should be entered as adjustment to income from schedule , line 22,  on line 10b federal 1040a.

How are charitable contribution handled. Max donation. actual $s in tax savings

As previously stated - 

After you have completed the Deductions & Credits section of the program and are receiving the Standard Deduction you will be asked about cash contributions to a qualified charitable organization.

 

Cash Contributions.JPG

 

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies