in Events
You'll need to sign in or create an account to connect with an expert.
Manually enter your charitable donations directly into TurboTax:
If you receive the Standard Deduction the Charitable Donation may not be applied.
However, under the CARES Act, there is the addition of a new charitable deduction up to $300 on your 2020 taxes for your cash donations made to a 501(c)(3) organization even if you don’t itemize your deductions. This will be something for taxpayers to keep in mind since close to 90% of taxpayers now claim the standard deduction instead of itemizing and are no longer able to deduct charitable contributions under tax reform.
For those who use the standard deduction, turbo tax does not allow for the additional $300 charity donation on top of the standard deduction. Why not?
It should. I recommend following the steps below to ensure you are able to take a $300 adjustment to income for cash donations while taking the standard deduction in 2020.
You will make this entry in the Federal interview section of the program.
Continue through the screens until you see the screen titled Charitable Cash Contributions under Cares Act. You will be able to confirm the amount of your cash contributions on this screen.
Your input in both of the sections above will ensure you are either able to take the deduction if you are able to itemize, or will pick up the adjustment if you are taking the standard deduction.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
Raph
Community Manager
in Events
kashyapvijay
Level 2
fldcdeb
Level 1
ChemCorr
New Member
thomasonjimm
New Member