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dknight2
New Member

Is Turbo Tax glitching on the charitable cash deduction? I'm getting this error: Cash Charitable is too large. But I have it set to 300, the max.

 
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1 Reply
Cynthiad66
Expert Alumni

Is Turbo Tax glitching on the charitable cash deduction? I'm getting this error: Cash Charitable is too large. But I have it set to 300, the max.

Unfortunately, IRS is still working on the publications relating to the Charitable Contributions deduction,  When they finalize the forms, they will be released to us and we can update the software.  We do not have a  timeline on this yet.  

 

There are so many changes due to the CARES Act which are as follows:

 

The CARES Act also expanded deductions for charitable contributions — whether you itemize or not. For 2020, itemizers can deduct charitable contributions up to 100% of their adjusted gross income. Previously, the cap was 60% of adjusted gross income for most cash donations.

 

If you don’t itemize, you can take up to $300 in charitable cash donations as an “above-the-line” deduction, which reduces your adjusted gross income.

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