TURBOTAX IS USING 20% INSTEAD OF 30% FOR MY DEDUCTABLE DONATION

[BEECHASER]

I DONATED STOCK  TO A FIRST CATEGORY 501 C 3 ORGANIZATION  WITH A 60/30% LIMIT ON CAPITAL GAIN DONATIONS.  THE TT SOFTWARE IS USING A 20% AGI LIMIT ON THIS DONATION WHICH RESULTS IN A CARRYOVER AND A LARGER TAX DUE THIS YEAR. 

[Cynthiad66]

There is a problem with the Contributions section of the Itemized deductions and also the above the line $300.00 deduction.  Because of the many changes due to the CARES Act, IRS is still developing the forms and publications on this issue.  Last update was January 13th where everything is still in draft.  Once IRS finalizes the forms, we will be able to update TurboTax to accurately reflect your Contributions deduction.

Here is a link to the Charitable Contributions 2020 Draft Publication 526.   "DRAFT" Charitable Contributions as of January 13, 2021  

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 Yes. There is an issue with the contributions deduction and TurboTax is working to fix it.  We do not have an estimated date of correction, at this time.  I suggest you check back often to see if the correction has been made.

There is a problem with the Contributions section of the Itemized deductions and also the above the line $300.00 deduction.  Because of the many changes due to the CARES Act, IRS is still developing the forms and publications on this issue.  Last update was January 13th where everything is still in draft.  Once IRS finalizes the forms, we will be able to update TurboTax to accurately reflect your Contributions deduction.