Solved: The 2020 CARES Tax Act increases the limit on cash...
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest second stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
Level 3

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
Level 3

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

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

 

View solution in original post

5 Replies
Level 3

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

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

 

View solution in original post

Level 3

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

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

Level 3

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.

Dynamic Ads
v
Privacy Settings