Question

Why does Turbo Tax show my standard deduction as $27,700 instead of $27,400?

Forum|Forum|5 years ago
February 2, 2021
1 reply
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Because this year Taxpayers are able to add up to 300 cash donations to their Standard Deduction.

You must have reported a cash donation of 300 or more under deductions & Credits.

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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