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New Member
posted Jan 28, 2021 12:27:10 PM

When taking the Standard Deduction on my federal taxes, where will Turbo Tax deduct my $300 cash charitable contribution?

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1 Best answer
Level 15
Jan 28, 2021 12:35:37 PM

The $300 is used to lower your adjusted gross income and taxable income.

 

Under this new change, individual taxpayers can claim an "above-the-line" deduction of up to $300 for cash donations made to charity during 2020. This means the deduction lowers both adjusted gross income and taxable income – translating into tax savings for those making donations to qualifying tax-exempt organizations.

1 Replies
Level 15
Jan 28, 2021 12:35:37 PM

The $300 is used to lower your adjusted gross income and taxable income.

 

Under this new change, individual taxpayers can claim an "above-the-line" deduction of up to $300 for cash donations made to charity during 2020. This means the deduction lowers both adjusted gross income and taxable income – translating into tax savings for those making donations to qualifying tax-exempt organizations.