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?

[despenla]

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

[despenla · Accepted solution]

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 · Accepted solution]

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

"DRAFT" Charitable Contributions as of January 13, 2021

[despenla]

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]

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

[despenla]

@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.