Has the cap been removed on 2019 charitable donations?

[haggest]

I've heard that the cap for donations of 60% of AGI has recently been removed.  I'm did my 2019 taxes with TT 2019 deluxe in Feb. (not filed yet) and when I entered charitable donations I saw no reduction in my tax until I entered over $10,000 in donations.  Does TT2019 (now in May 2020) reflect the removal of the cap donations?  What should I do?

[jtax]

Yes. But only for TY 2020, not for 2019. And with certain restrictions.

the CARES Act increases the maximum 60% of AGI charitable contribution limit to 100% of AGI limit for 2020. This means that you can get a charitable contribution deduction for the full amount of your Adjusted Gross Income. Charitable contributions in excess of this amount can be carried forward for five years subject to the 60% of AGI limit in those years. The higher 100% of AGI limit applies to cash contributions made directly to charitable organizations, not to contributions to donor advised funds, supporting organizations or private foundations.

https://www.forbes.com/sites/berniekent/2020/04/03/giving-more-than-60-of-income-to-charity-cares-ac...

[haggest999]

Got that its for TY2020. Thanks

[barbi1809]

The current version of Turbo Tax Delux as updated, does not reflect the increase of charitable donations from 60 to 100 of AGI.  Will that follow in subsequent updates? 

[barbi1809]

But Turbo Tax 2020 does not reflect the increase from 60% to 100% for contributions in the current year.  Do you know why? [PII removed]

[Anonymous]

for 2019 there was a cap. TT for 2020 needs updates for many areas including those for charitable limit.  you can't submit the return until early January at which time it will just sit on TT servers until the IRS opens e-filing in lat January.  Even then certain forms will not be ready until about mid February.   If you are claiming the earned income credit or additional child tax credit those won't be processed by the IRS until mid-February and refunds likely won't hit debit cards or bank accounts until early March

[pjb36]

I was told by a TT rep that a later update would correct the limitation on charitable contributions; however, no date was given for the anticipated update.

[michfarmboy]

So, when will schedule A be changed to reflect the increase to 100% for 2020 taxes?

[Cynthiad66]

There's also a limit on how much you can deduct. The basic rule is that your contributions to qualified public charities, colleges and religious groups can't exceed 60 percent of your Adjusted Gross Income (AGI) (100% of AGI in 2020 for qualified charities).

Temporary suspension of limits. Certain cash contributions you made for relief efforts in a Presidentially declared disaster area are not subject to the 60% limit for cash contributions. See Qualified contributions for relief efforts for 2018 and 2019 disasters, later.  Below is a link to the IRS Publication.

Charitable Contributions 2019