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For 2020, you are allowed to deduct up to $300 ($150 if Married filing Separately) of cash donations to 501(c)3 organizations even if you do not itemize your deductions.
You'll need to do the following in TurboTax.
In order to take this above-the-line deduction, enter your donation(s) under Deductions & Credits > Charitable Donations > Donations to Charities in 2020. The deduction will be added above-the-line by TurboTax after you have completed the Wrap up tax breaks interview in TurboTax if you take the Standard deduction.
On your form 1040, this deduction appears on line 10b - Charitable contributions if you take the standard deduction.
Does Turbo Tax figure this $300 when it asks you whether you want to take the standard deduction or itemize your deductions?
No this will appear in your program after Turbo Tax determines the Standard Deduction is right for you. Once you reach a summary screen that summarizes your tax breaks you will continue on through the next few screens until you reach a screen that says Great, we're all done with tax breaks.
The next screen you will a screen that says Any Charitable Cash Contributions? Here you will enter an amount up to $300. NOTE: The $300 deduction is for donations made in cash, which includes currency, checks, credit or debit cards, and electronic funds transfers. Donations of property do not qualify for this deduction.
If this doesn't appear until after you decide whether to take the standard deduction, is it then not included in the amounts that make the decision? My deductions are just a little above the standard deduction amount. The extra $300 would make it more beneficial to take the standard. Do I have to make this determination myself, or has TurboTax incuded that $300 in the amount of the standard deduction they list? It appears they have not.
Thank you!!
No, Turbo Tax does not include that in the Standard Deduction. You must enter it yourself to claim the deduction. If Turbo tax states the standard deduction is right for you, then you will navigate through some screens and the very last screen will give you an option to add your chartable donation up to $300.
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