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Desktop: Charitable Contributions if Standard Deduction Taken

The Coronavirus Aid, Relief and Economic Security (CARES) Act grants the taxpayers taking the standard deduction on their tax return for 2020 to add amounts of up to $300 on Line 10b of Form 1040 as an above-the-line deduction for cash contributions towards qualifying charities. The $300 limit applies to all filing statutes. 


The Taxpayer Certainty and Disaster Tax Relief Act increased the limit to $600 for taxpayers who are married and are filing jointly. It also changed the deduction to below-the-line on Line 12b of Form 1040. 


Note: In Taxx Savage Pro, this amount may be entered in either Schedule A or Form 1040 interactive page. In the event that it is entered in both locations, Schedule A will take precedence. It is however advisable that the cash contributions be entered in one place to avoid confusion. 

 

Navigation steps in the Taxx Savage Pro are based on the tax year that you are working on, be it 2021 or 2020. 


2021 

Entering the amount in Schedule A - To enter the cash contributions in Schedule A in 2021 Taxx Savage Pro: 

  • Go to the Main Menu of a tax return (Form 1040) 
  • From the menu, select Deductions 
  • Proceed to Itemized Deductions (Schedule A) 
  • Then select Gifts to Charity 
  • Finally, select Cash Contributions 

Entering an amount in the Deductions Menu - To enter the cash contributions in the Deductions menu in 2021 Taxx Savage Pro: 

  • Go to the Main Menu of a tax return (Form 1040) 
  • From the menu, select Deductions 
  • Then proceed to Charitable Contributions (If Standard Deduction Taken) 

Entering the amount directly on the Form 1040 - To do so, select Line 12b on the Form 1040 interactive page. 


2020 


Entering the amount in Schedule A - In order to enter the cash contributions in Schedule A in 2020 Taxx Savage Pro: 

  • Go to the Main Menu of the tax return (Form 1040) 
  • From the menu select Itemized Deductions 
  • Then proceed to Gifts to Charity 
  • Then to Cash Contributions 

Entering the amount directly on Form 1040 - Select Line 10b on the Form 1040 interactive page.