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Level 2
January 26, 2021
Question

charity

  • January 26, 2021
  • 1 reply
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How do I differentiate on my taxes charities that fall into the 100% of income under the Cares and other charities such as setting up a scholarship with the Pittsburgh Foundation?

    1 reply

    KathrynG3
    Level 14
    January 26, 2021

    Enter in the amount as you normally would in the Charitable Donations section under Deductions & Credits. Click Start to begin. Then, follow these steps:

    • Answer Yes to Do you want to enter your donations for 2020?
    • For each donation, follow these steps:
      • Enter who the donation was to at Let's enter your donations one at a time and indicate what type of item was donated, an Item, Money, Stock, or Mileage and travel expenses
      • Follow the prompts from there, entering the amount of the donation 
      • When finished, select Done with This Donation
    • Select + Add Another Donation to continue. For the Pittsburg Foundation Scholarship, enter the name of it and the amount contributed.

    To qualify, the IRS clarifies that the contribution must be:

    • a cash contribution;
    • made to a qualifying organization;
    • made during the calendar year 2020

    When a large donation amount is entered and you have selected Continue, a new screen, Donation Limits, will ask Were any of your donations to a fraternal order, veteran's group, nonprofit cemetery or other 30% charity? Answer yes or no and Continue.

     

    All donations that meet the criteria under the Cares Act will qualify for the 100% of Adjusted Gross Income deduction automatically in TurboTax. To qualify, the IRS clarifies that the contribution must be:

    • a cash contribution;
    • made to a qualifying organization;
    • made during the calendar year 2020

    For more information, see IRS Charitable Contributions Deductions

    bbain4Author
    Level 2
    February 3, 2021

    What if Tubo Tax Premier calculates at the 60% rather than 100% of my AGI?

    Level 15
    February 3, 2021

    That would happen if you did not enter cash donations, for example non-cash donations such as goods or property. TurboTax is calculating the 100% based on cash donations and adjusted gross income.

     

    To qualify, the contribution must be: 

    • a cash contribution;
    • made to a qualifying organization;
    • made during the calendar year 2020

    Contributions of non-cash property do not qualify for this relief. Taxpayers may still claim non-cash contributions as a deduction, subject to the normal limits.

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