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Just enter the donations in the charity section of the deductions & credits tab and if you do not itemize deductions then the program will automatically enter the $300 correctly ... nothing extra you need to do.
To enter charitable donations -
Or enter charitable donation in the Search box located in the upper right of the online program screen. Click on Jump to charitable donation
The program will enter the cash contribution on your federal tax return, Form 1040 Line 10b as an Adjustment to Income if your total itemized deductions are not greater than your Standard Deduction.
This is not working correctly. I took the standard deduction and entered $300.00 for charitable contributions. TurboTax didn't deduct the $300.00.
@oldfogie wrote:
This is not working correctly. I took the standard deduction and entered $300.00 for charitable contributions. TurboTax didn't deduct the $300.00.
It will only show up after the Deductions & Credits section it totally done and completed and TurboTax selects the standard deduction. Until then, it is not know if you will qualify or not.
I'm using TT Premier 2020 updated to January 18. I've entered a $300 charitable cash donation in the walk through, but it is not reflected on line 10 reductions to income on the 1040 form view.
For 2020, Congress has changed tax law to permit the deduction of certain charitable contributions “above the line”, even if the taxpayer is taking the Standard Deduction otherwise. The new deduction will appear on line 10b on the 1040.
There are restrictions: the contribution must be in cash or cash-equivalent and it cannot exceed $300 for most filing statuses (exception: $150 for Married Filing Separate).
To enter this deduction, you must enter the charitable contributions as if you were going to itemize these contributions (do a Search (upper right) for charitable contributions and click on the jump-to result). Be sure to indicate that the contribution was “Money” or else TurboTax will not ask about it later.
Note that you do not need to enter any other charitable contributions if you are not planning to itemize.
Then, in the Federal Review at the end of your data entry, TurboTax will realize that you are taking the Standard Deduction and ask you to enter the amount of the charitable contribution that was in cash. Note the limits described above ($300 or $150); in the desktop product, at least, if you enter an amount larger than this, you will be asked to reduce it to the limit when you enter the amount.
When you enter the cash-based charitable contribution this way, the result will appear on line 10b on the 1040 as an above-the-line deduction.
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