Standard deduction vs. item

Forum|Forum|5 years ago
February 12, 2021
3 replies
12 views

I have $12,522 in itemized deductions which includes $300 in charitable contributions.

The program is recommending to use itemized because 12,522 > 12,400, but doesn't it make sense to use standard of 12,400 plus the 300 for charitable?

RayW7

Alumni - Intuit

You can't claim the $300 above-the-line Charitable Deduction in addition to the amount claimed if you itemize.

If you Itemized your Charitable Deductions are included in Schedule A .

The Cares $300 Charitable Deduction is only available if take the Standard Deduction.

Taxpayers who take the standard deduction can also now write off up to $300 in charitable cash donations in 2020 regardless of filing status. This increases to $600 in 2021 for married filing jointly. This is a new "above-the-line" deduction for people who claim the standard deduction.

craiganderson27Author

Level 2

No I'm not. The problem is if I itemize I have 12,522 in total deductions. If I take the standard deduction I have 12,400 + 300 Charity. The Std Deduction is the better option, but TTax is recommending Itemized.

RayW7

Alumni - Intuit

You do not have to itemize, you can take the standard deduction.

Just revisit Deductions & Credits and after it offers Itemized Deductions as the preferred choice, just click the box Change my deduction. Then change to Standard Deduction.