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jhalonenm
Returning Member

$300 charitable donation with standard deduction

I entered $2000 in the cash donations.  Then checked the tax summary, and looks like Turbotax allowed $2000 deduction.  They did not reduce it to $300, which would be the allowable amount.  Am I reading this correctly, or will it be corrected when I file the taxes?

3 Replies
DanaB27
Expert Alumni

$300 charitable donation with standard deduction

Please check line 10b for the correct amount. Line 10 a should show the $2,000 but 10b should show the $300.

 

  1. Click on "Tax Tools" in the left menu
  2. Click "Tools"
  3. Click "View Tax Summary" in the Tool Center window
  4. Click on "Preview my 1040" on the left

 

If not then please go back and only enter $300.

 

 

Please follow these steps to enter the charitable cash contribution for 10b :

  1. Login to your TurboTax Account 
  2. Click "Federal" from the left side of your screen
  3. Click “Deductions &Credits” on the top
  4. Scroll all the way down and click the "Wrap up tax breaks" button
  5. Continue until the "Charitable Cash Contributions under Cares Act" screen
  6. Enter your charitable cash contributions.

 

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diane1349
New Member

$300 charitable donation with standard deduction

I get all this but what if I did not give $300 to charity?  I shouldn't get a credit for what I didn't do.  

JamesG1
Expert Alumni

$300 charitable donation with standard deduction

Agreed.

 

The $300 charitable contribution under CARES Act must be a cash contribution and the documentation requirements are the same as charitable contributions deducted as an itemized deduction.

 

This TurboTax Help states:

 

For cash donations under $250, you'll either need a bank record (like a canceled check or bank statement) or a written acknowledgment from the charity which includes the date and amount of your contribution. Bank records are insufficient for cash donations of $250 or more. Instead, you'll need something in writing from the charity which includes the date and amount of your donation.

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