Question

The CARES act changed how charitable donations are deducted from income. Does turbo tax recognize this?

Forum|Forum|5 years ago
January 23, 2021
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TurboTax Deluxe Online

Yes, TurboTax recognizes that the CARES Act changed how charitable donations are treated. If you do not have enough itemized deductions to use Schedule A, TurboTax will allow you to deduct the $300 cash deduction pursuant to the Act. TurboTax also recognizes that pursuant to the Act, you can deduct up to 100% of your adjusted gross income.

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C

canishel

For me, the total of charitable deductions (schedule A) in Turbotax 2020 is correct, but only about 60% is used in 1040.

Why? And how to I fix this?

MaryM428

What is your AGI? Are your donations higher?

Individuals can elect to deduct cash contributions, up to 100% of their 2020 adjusted gross income, on itemized 2020 tax returns. This is up from the previous limit of 60%. Corporations may deduct up to 25% of taxable income, up from the previous limit of 10%.

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