in [Event] Ask the Experts: Tax Law Changes - One Big Beautiful Bill
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You have to scroll down on the Deductions and Credits main page and click on "Wrap up tax breaks." That generates the $300 deduction on the 1040 Line 10b if you are not itemizing, and this amount is included on line 10c. The 1040 also shows the total amount of the donations you entered. There is no issue here; you just have to go through the process.
No, it doesn't, as stated earlier. It's CALCULATED for line 10c but does NOT show on line 10b.
Do the math. The invisible $300 has been added.
It's been quite a few years since TTax had its act together. First the ACA calculations didn't carry over, then the Kiddie Tax was all messed up, and now the $300 deduction is a nuisance to get right.
Any hope this will be fixed by April 1?
It's showing on mine, both line 10b and 10c.
Perhaps its only an issue if you have a line 10a amount - I do not.
This is wrong.
Per other sources, the deduction is $300 per person, not $150.
So, filing jointly should be a $600 adjustment, not $300.
TurboTax needs to fix this error.
@Roger_guern No. The 600 is for next year when we do 2021 return. For 2020 it is 300 or 150 for Married filing Separate.
To get it to show up on line 10b if you take the Standard Deduction....
Go though the deduction section and enter your charity amounts. Then keep going and finish that section. It should say the Standard Deduction is right for you. Then it will add the amount to line 10b.
I stand corrected.
I have checked with the IRS and they confirm that the limit is $300 per couple for Tax year 2020.
One cannot believe all you read on line!!
Roger
When I do this, it will not let me process my Federal Return. I put the $300 down, but I ma under itemized deductions not the standard. It does not matter what I put on line 10b. I have tried 300, 200, 150, 0 and redid the the wrap up tax breaks and nothing is working at all.
leave 10b blank.
the contributions have to be listed as "money" contributions"
In order to take this above-the-line deduction, enter your donation(s) under Deductions & Credits > Charitable Donations > Donations to Charities in 2020. The deduction will be added above-the-line by TurboTax after you have completed the Wrap up tax breaks interview in TurboTax if you take the Standard deduction.
until the wrap up Turbotax doesn't know if the standard deduction is better than itemizing.
This isn't working for me at all. I've tried all variations of donations (even though I made $300 in contributions). The only way I can get the error message to go away is if I enter $40 from last year.
I'm getting the same problem messages as @justataxpayer above. HELP!
Hey @justataxpayer - - I finally got it to work. I actually went back and itemized my deductions (just the charitable contributions) and then that total was what I entered in the box ($298) and because it matched - apparently that was the trick. Or at least, the trick for me. Good luck!
I have TT Premier 2020. I can't find/don't see Wrap Up Tax Breaks or Wrap Up Deductions. Any hints?
Scroll all the way down to the bottom of the Deductions page which lists all the different deductions from which you select the item to enter/edit.
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