The IRS puts limits on how much a Taxpayer can claim as deductible charitable contributions. It is usually 50% of the taxpayer's Adjusted Gross Income (AGI), so if your AGI is $20,000, you can deduct up to $10,000 of the charitable donations you made during the tax year. If you donated more than the limit, you can "carry over" the excess and use it in a following year. However; there are additional limits on certain organizations and on certain types of contributions (such as cash or capital gain property). If unsure, you can ask the organization whether it is a 50% limit
organization and they should be able to tell you.
When you enter the information about your Charitable Donations, the TurboTax software will compute any limit, if applicable, and inform you.
You can find your Adjusted Gross Income by:
Sign into your account
Take me to my return
Pick up where I left off
Clicking on My Account on the top blue bar
Click on Tools
Click on "View Tax Summary"
Adjusted gross income is listed.
For more information about charitable contributions, please click the link below:
CLICK
HERE for IRS Pub 526 Charitable Contributions
[edited 01.20.18 | 11:43]
