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Level 2
December 17, 2020
Question

I put in $1000 Cash Contribution and it only allowed $300 for tax deduction. Its for a married couple so shouldn't it be $600 if they use standard deduction?

  • December 17, 2020
  • 3 replies
  • 18 views
This is for 2020
This topic has been closed for replies.

3 replies

PhoebeRoberts
Intuit Community Champion
December 17, 2020

$300 per return, regardless of filing status.

Level 15
December 18, 2020

Interestingly, they must interpret "married" as one filing unit, regardless if they file jointly or separately.  The draft instructions say it is limited to $150 of MFS.

halsimoAuthor
Level 2
December 19, 2020

Thanks for the help!!

itonewbie
Level 15
December 17, 2020

Sounds like you're testing out TY2020 for the new above-the-line deduction.  If so, the CARES Act only allows $300 per filing unit regardless of filing status.

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halsimoAuthor
Level 2
December 19, 2020

Thank you!!

George4Tacks
Level 15
December 17, 2020

It appears you have not take you CE course on updates yet. This may help  What You Need to Know About Your 2020 Taxes

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