Stuck on the line 10...Have the 300 cash contribution, but getting CHaritable cont. has an unaccpetable value and can go beyond this

Forum|Forum|5 years ago
February 1, 2021
2 replies
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10 a is 812. Then there is a small box that has 30. Finally 10 b is 300. 10 c is 1112. But I'm stuck, it won't go beyond htis.

TurboTax Self Employed Online

KrisD15

If you entered the 300 cash contribution after choosing the Standard Deduction, you may need to go back to the place the cash contribution is reported:

Click Tax Tools on the left side bar

Click Tools from the drop-down

Click the "Topic Search" box on the screen

Type or scroll down to standard deduction and exemptions

Click GO

The next screen gives you an option to change your selection from Standard to Itemized and back. You do not need to change your selection

Scroll down to the bottom of that screen and click CONTINUE

The next screen is the Charitable Cash Contributions under Cares Act screen

IF YOU ARE CLAIMING STANDARD DEDUCTION enter the amount of cash contributions you made, up to 300

IF YOU ARE ITEMIZING DEDUCTIONS enter 0

Scroll down and click Continue

Click Continue on the next screen

The new "up to $300 above the line cash charity donation" is available for tax year 2020. This allows a Taxpayer to claim up to a $300 credit which is subtracted from income on the 1040 line 10c if the Taxpayer is claiming the Standard Deduction. (If you Itemize Deductions, all your donations will be listed on Schedule A.)

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S

shiloblwe1979

I keep.getting the same thing. It has to be a glitch. I've tried everything and the only amount it lets me continue with is $0. I got the same response you did from turbo tax.

Also: I've tried on pc and the app and get the same result

C

Cynthiad66

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.

Here are some of the changes due to the CARES ACT

The new legislation allows tax deductions on two types of charitable gifts. First, it allows up to $300 given to a qualified charity to be claimed as an above-the-line deduction. After the Tax Cuts and Jobs Act, which went into effect in 2018, increased the standard deduction, many taxpayers had less incentive to donate to charities. Instead, they took the standard deduction and stopped itemizing.

For taxpayers who will itemize deductions, the CARES Act effectively suspends the limit on deductions for cash contributions to public charities for 2020. “That allows individuals to completely wipe out their AGI, and their tax liability, with a charitable contribution.

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