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Charitable are subject to itemized deduction on Sch A? Standard deduction for 2021 is $12500.
But there is added cash charitable contribution which Turbotax is showing me. I looked online it is extra $300 if you take Standard deduction (I will take standard). On which line it will appear on 1040?
This extra deduction is showing up in Turbotax file (step by step forms) as Yellow icon which needs to be addressed as software is Not automatically apply this deduction. I assume I just click yes on yellow icon to apply this deduction?
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I take standard deduction and there is add on $300/$600 on line 12b. Some of companies I invested gave money to charity and it was listed on K1. Most of contribution were 60% and 1 was at 30% level.
Let say total Cash contribution were $50
60% level = $22
30% level= $28
Now TT imported only $22 on line 12b. Why?
Lets say my AGI (Line 11 on 1040) is $50K or even $100K just a number, how it affect deductions?
Should I just correct this $22 to $50 in TT forms mode? Is there a work sheet where I can look why TT imported only $22?
I think it has to do with AGI. One can deduct to certain level of AGI
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