turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

The 2020 CARES Tax Act increases the limit on cash Charitable Deductions from 60% to 100%. As of 03-Feb Turbo Premier uses 60%. When will this be implemented?

Reference: https://www.irs.gov/newsroom/how-the-cares-act-changes-deducting-charitable-contributions
states that "The CARES Act also temporarily suspends limits on charitable contributions and temporarily increases limits on contributions of food inventory. More information about these changes is available on IRS.gov."
The instructions for Form 1040 refer to PUB 526
2 Best answer

Accepted Solutions

The 2020 CARES Tax Act increases the limit on cash Charitable Deductions from 60% to 100%. As of 03-Feb Turbo Premier uses 60%. When will this be implemented?

The last part was cutoff:

The instructions for Form 1040 refer to PUB 526; however, it has not been updated for 2020 and only the 2019 version is available.

 

View solution in original post

Cynthiad66
Employee Tax Expert

The 2020 CARES Tax Act increases the limit on cash Charitable Deductions from 60% to 100%. As of 03-Feb Turbo Premier uses 60%. When will this be implemented?

 

Here is a link to the Charitable Contributions 2020 Draft Publication 526.

 

"DRAFT" Charitable Contributions as of January 13, 2021

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

5 Replies

The 2020 CARES Tax Act increases the limit on cash Charitable Deductions from 60% to 100%. As of 03-Feb Turbo Premier uses 60%. When will this be implemented?

The last part was cutoff:

The instructions for Form 1040 refer to PUB 526; however, it has not been updated for 2020 and only the 2019 version is available.

 

Cynthiad66
Employee Tax Expert

The 2020 CARES Tax Act increases the limit on cash Charitable Deductions from 60% to 100%. As of 03-Feb Turbo Premier uses 60%. When will this be implemented?

 

Here is a link to the Charitable Contributions 2020 Draft Publication 526.

 

"DRAFT" Charitable Contributions as of January 13, 2021

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

The 2020 CARES Tax Act increases the limit on cash Charitable Deductions from 60% to 100%. As of 03-Feb Turbo Premier uses 60%. When will this be implemented?

Thank you very much for sharing the draft document.  Now I understand why this new limit is not yet implemented in the software.  How could I get a notification of when this will be ready from Turbo Tax, realizing that it is very dependent on the IRS.  DO you have a notification method?

 

Thanks again.

 

David

Cynthiad66
Employee Tax Expert

The 2020 CARES Tax Act increases the limit on cash Charitable Deductions from 60% to 100%. As of 03-Feb Turbo Premier uses 60%. When will this be implemented?

This is an IRS Publication and we are waiting just like you are.  However, here is a link of IRS forms availability that you can follow.  You can check back by trying to file to see if the issue has been corrected.  Turbotax will have to program it for our software once it is complete.  Here is the link :  IRS FORMS AVAILABILITY

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

The 2020 CARES Tax Act increases the limit on cash Charitable Deductions from 60% to 100%. As of 03-Feb Turbo Premier uses 60%. When will this be implemented?

@Cynthiad66 Thanks for the additional information.  In reviewing the TT worksheet for Charitable Deduction limits and Carryover amounts, I noticed a number of anomalies or errors not related to  the 60% calculations.  If you would like to know about these, I can explain them.

Use your Intuit Account to sign in to TurboTax.
By selecting Sign in, you agree to our Terms and acknowledge our Privacy Statement.
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question

Related Content

Manage cookies