Cash Charitable Contribution

Forum|Forum|5 years ago
March 23, 2021
2 replies
18 views

Taxpayer is filing 2020 MFJ return and is taking standard deduction (his 2020 AGI is $36,000). He had $22,000 cash contribution. He will take $300 on Line 10b Form 1040, Line 11 Schedule A should only be $21,600 (60% of $36,000) and carryover $100 to future years. Is this correct?

Option #1: How to input so that the program will automatically take $300 to Line 10b Form 1040 and $21,600 to Line 11 Schedule A and carryover $100 to future years?

Option#2: Are you allowed to just take $300 and carryover the rest $21,700 to future years($22,000 minus $300)? How to input so that the program will automatically just take $300 to Line 10b Form 1040 and carryover the rest $21,700 to the future?

Thanks for your time and comment!

ProConnect Tax

This topic has been closed for replies.

Best answer by goshen9882

Isn't the 2020 limit on cash charitable contributions 100% of AGI?

Yep. Good call @sjrcpa .

So that means no charitable contribution carryover.

qbteachmt

Level 15

Are you trying to use Both deduction areas? The $300 is for Standard Deduction tax filing. Otherwise, the $300 is already part of the Itemized donation details.

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T

The Real HalloweenAuthor

Level 6

@qbteachmt Thanks for your comment. TP is not taking both standard and itemized deductions. TP is only taking standard deduction but wants to see his charitable contribution is printed on Sch A (so we did a force print for Sch A).

G

goshen9882

Intuit Community Champion

I believe option #1 is the correct methodology, except, I would only include the $300 on the current year return and make a note that there is $100 charitable contribution carryover to 2021.

I agree that $21,600 is the current year limit that would, in general, go on Schedule A, leaving $400 carryover.

However, as you indicate, they will be using the standard deduction, so the $21,600 is "utilized".

This leaves the $400 of which you will use $300 as you are now taking the standard deduction. This leaves $100 carried over to 2021.

T

The Real HalloweenAuthor

Level 6

@goshen9882 Many thanks for your advice! Can you let me know where I can input in PTO the $300 adjustment to AGI? I cannot see it in the Adjustment to AGI table as well as in the Sch A tab. Also, just want to clarify, I have to manually input both $300 and $21,600.

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