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Fed 2020 charitable contributions

I'm working on a federal return which takes only the standard deduction. In addition to that, the CARES act for 2020 specified that up to $300 of charitable contributions are deductible in excess of the standard deduction. I have input that on the contributions worksheet, but cannot see the deduction being taken anywhere on the 1040. It is simply flowing into Schedule A and apparently dying there.

 

The standard deduction being shown is correct for the return so it is not wrapped into that ($14,050 due to being a single senior).

 

Am I missing something or has this not been included in the calculations yet?

 

Thank you.

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2 Replies

Fed 2020 charitable contributions

The program has not been updated to reflect all of the new tax law changes. Although TurboTax may allow e-filing earlier, the IRS will not open e-filing until January 27, so any returns filed earlier than that will go into cold storage. TurboTax seems to release updates about once a week, I would start checking for the new tax law changes around January 10. I also suggest deleting the donation that you have already entered, and re-enter it when the program has been updated so that it doesn’t flow to the wrong place by accident.

Fed 2020 charitable contributions

Just enter the donations in the charity section of the deductions & credits tab as normal… note that the $300 has to be cash..... donating goods or services aren't eligible for the $300 deduction. 

 

 

To enter charitable donations -

  • Click on Federal Taxes (Personal using Home and Business)
  • Click on Deductions and Credits
  • Click on I'll choose what I work on (if shown)
  • Scroll down to Charitable Donations
  • On Donations to Charity in 2020, click on the start or update button

Or enter charitable donation in the Search box located in the upper right of the online program screen. Click on Jump to charitable donation

 

The program will enter the cash contribution on your federal tax return, Form 1040 Line 10b as an Adjustment to income if your total itemized deductions are not greater than your Standard Deduction.

 

 

 

OR  ... skip the Charity entries in the deductions section completely and as you leave the deductions tab the charity question will be presented ... either way is OK  but you cannot do BOTH ...

 

 

charity 2020  $300.jpgcharity 2020  $300  2   .jpg

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