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eaglesjr
New Member

Not sure if my donations are at 30% or 50% of my AGI

 
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1 Reply
KrisD
Intuit Alumni

Not sure if my donations are at 30% or 50% of my AGI

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:

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Clicking on My Account on the top blue bar

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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]



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