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posted Nov 16, 2022 10:11:58 AM

donations

I have given $500,000 in cash and stocks to a 501c3  can turbo tax handle that type of donation and I was told I could extend that donation for 4 years on my taxes

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1 Replies
Expert Alumni
Nov 16, 2022 12:01:30 PM

Hi @PhebeM 

 

Yes, TurboTax can handle these kind of donations!  You will find it easy to enter them on TurboTax Online or Desktop! 

 

You can carryover your contributions that you are not able to deduct in the current tax year because they exceed your adjusted-gross-income limits. You can deduct the excess in each of the next 5 years until it is all used but not beyond that time.

 

You can find these limits HERE

 

Thank you for using TurboTax!