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pwshi
Level 1

Itemized Charitable Deductions for 2020

Does anyone know when TTax will handle itemized charitable cash deductions for 2020?  My program seems to work correctly in forms mode, but not otherwise. This is very confusing.

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Accepted Solutions
SteamTrain
Level 15

Itemized Charitable Deductions for 2020

It was not clear to me you were testing the upper AGI limits, and that was what you were talking about  (I see you did mention it later, bit I thought the 100% you mentioned was referring distinguishing between that , and to lower limits for certain types of donations to 20% or 30% organizations).....I certainly didn't test the usual "60%" AGI limit for cash to  50% charities....just that I could enter cash donations at will in the interview..

 

OF course there  is a limit to to 2020 donations, it just happens to be 100% of AGI for 2020 taxes.   So yes...for that part you may have to wait until later this month for it to be implemented...might even take software folks until Feb if they get hammered trying to implement al the other stuff Congress/President just enacted ridiculously late in the year.

*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

View solution in original post

8 Replies
NCperson
Level 15

Itemized Charitable Deductions for 2020

it is - but it is confusing how it is doing it.  Look on line 10b on form 1040. Is it there? 

Critter-3
Level 15

Itemized Charitable Deductions for 2020

Make sure you update your program at least once a week  and do NOT make entries in the FORMS mode ... not only will it void the accuracy guarantee it may keep you from efiling.   Make all data entries in the Step by Step mode. 

pwshi
Level 1

Itemized Charitable Deductions for 2020

Line 10B on 1040 is covers charitable contributions for those taking the standard deduction. My problems are with itemizing.

 

Step-by-Step doesn't handle this properly; there are no questions about cash deductions to 50% charities. Meanwhile, the Forms section provides a box to tick  for cash deductions to 50% charities (which leads to a correct 100% deduction for 2020).

 

When I return to Step-by-Step, however, these deductions disappear. I assume this will be fixed at some point. But sooner rather than later would be nice. 

Critter-3
Level 15

Itemized Charitable Deductions for 2020

The Sch A is not expected to be ready until at least 1/14 ... 

 

 

Click on the REVIEW tab to see what it is and when it is estimated to be ready (when operational) ... 

 

IRS Forms Availability Table for TurboTax Individual (Personal) Tax Products

·         

State Forms Availability Table for TurboTax Individual (Personal) Tax Products

SteamTrain
Level 15

Itemized Charitable Deductions for 2020

Though the Schedule A isn't finalized.

 

With Desktop software, I had no issue with entering cash donations to a bunch of  charities in the step-by-step process on the Deductions&Credits page.   Just scroll down the page to the Charitable Donations section.

 

In the past, it didn't ask if any were 50% charities, but did ask if any were 30% or 20%, but not sure under what situations.....so if needed, that my not be implemented yet.....maybe...but I've never donated to anything besides 50%'ers, so I never went down that path. 

*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
pwshi
Level 1

Itemized Charitable Deductions for 2020

The difference, a very big one,  is that in 2020 (and now 2021 also) cash deductions to 50% charities are 100% deductible, without subject to limitation. You can also use prior-year carry-forwards and carry forward any excess. So it's now possible to pay zero tax regardless of income if you itemize and have significant contributions. The program in Step-by-Step doesn't treat this properly, though the Forms version appears to be correct.

SteamTrain
Level 15

Itemized Charitable Deductions for 2020

It was not clear to me you were testing the upper AGI limits, and that was what you were talking about  (I see you did mention it later, bit I thought the 100% you mentioned was referring distinguishing between that , and to lower limits for certain types of donations to 20% or 30% organizations).....I certainly didn't test the usual "60%" AGI limit for cash to  50% charities....just that I could enter cash donations at will in the interview..

 

OF course there  is a limit to to 2020 donations, it just happens to be 100% of AGI for 2020 taxes.   So yes...for that part you may have to wait until later this month for it to be implemented...might even take software folks until Feb if they get hammered trying to implement al the other stuff Congress/President just enacted ridiculously late in the year.

*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

View solution in original post

pwshi
Level 1

Itemized Charitable Deductions for 2020

Thanks...It's odd to me that this all seems to work perfectly in the Forms section...and then disappears when I revert to Step-by-Step.  But I assume it will eventually be implemented, particularly since this benefit is now extended to 2021. A wonderful incentive for those who are charitably inclined.

 

 

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