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How does Turbo Tax calculate Schedule A line 12? Mine is significantly lower than the FMV of my non cash donations listed correctly on Form 8283.

 
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2 Replies
DianeW777
Employee Tax Expert

How does Turbo Tax calculate Schedule A line 12? Mine is significantly lower than the FMV of my non cash donations listed correctly on Form 8283.

There may be limits placed on your noncash donations based on your income and the amount of 50% organizations where you gave cash donations subject to a 60% limit. Review the information in IRS Publication 526 for these limits. Also there are limits placed on capital gain property where a 30% limit might apply.

 

Review the type of donations you gave with the income limitations provided in the publication in the link above. And the instructions for Form 8283 show some of these limitations as well.

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How does Turbo Tax calculate Schedule A line 12? Mine is significantly lower than the FMV of my non cash donations listed correctly on Form 8283.

Thanks so much.  That's exactly right!  I appreciate your help.

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