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New Member
posted Apr 1, 2024 8:37:51 PM

Why was my itemized charitable deduction reduced?

0 2 1446
2 Replies
Expert Alumni
Apr 2, 2024 6:11:17 AM

The most probable reason is that you exceeded the contribution limit.

 

  • The amount you can deduct for charitable contributions is generally limited to no more than 60% of your AGI
  • Your deduction may be further limited to 50%, 30%, or 20% of your AGI, depending on the type of property you give and the type of organization you give it to. 
  • Starting with tax year 2022, your deduction for cash contributions is limited to 60% of your AGI minus your deductions for all other contributions
  • Adjusted gross income is shown on line 11 of your 1040 tax return.

If you exceed the contribution limit, you can carry the overage to the following year.

 

For more information, see the IRS article Charitable Contribution Deductions  .

 

Please contact us again with any additional questions or to provide some additional details.

Returning Member
Apr 3, 2024 11:12:29 AM

Two weeks ago TT calculated this correctly and now it is not.   I am already over the 30% deduction limit due to a carryover of a large capital gain property, but not even close to the 50% deduction limit.   This year I donated cash and household items.   Initially the cash and household items were not limited so I got the full deduction for them.  But now, TT is giving me no additional deduction for the household items by treating them as capital gain property subject to a 30% limit (since I am already over the 30% limit.  The household items should be classified as 50% limit property, but I see no way make TT do what it was already doing just a couple weeks ago.  So this looks like a new TT error to me.   Any ideas would be appreciated?