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Level 2
Jan 31, 2024 8:45 PM UTC
Question

60% Charitable Cash Contribution

Why has TT not corrected the 2023 Qualified Charitable Cash Contribution limit to 60%? It tells me I'm good to 100% AGI for 2023 which I believe is completely wrong.  Last year TT gave me only 60% , and I have a carryover into 2023. Does the 60% apply to 2023 as well? 

    2 replies

    Level 15
    Feb 2, 2024 9:35 PM UTC

    Where is TurboTax telling you that the limit is 100%? 

     

    In 2023, cash contributions are normally limited to 60% of AGI while non cash contributions are normally limited to 50%.

     

    Note that in 2020 ONLY because of the CARES Act, the limit was 100% if AGI, but the limit has reverted to 60%.

     

    If you are speaking about a QCD (Qualified Charitable Distribution), this is limited to $100,000, not to a percentage.

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    Level 2
    Feb 3, 2024 12:41 AM UTC

    Thank you very much, I was able to figure it out. 😊