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Practice Lab 2020: Above the Line Charitable Deduction

13 Nov 20
Craig Smith
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One of the CARES Act updates impacts allowable charitable cash contributions for Standard Deduction filers. The deduction of charitable contributions is generally reserved for taxpayers that itemize their deductions. With the CARES Act, Standard Deduction filers can now deduct up to $300 in cash contributions. The allowed above-the-line deduction will carry to Line 10b of the 2020 Form 1040. Additional information can be found here.

This 2020 calculation is already implemented within the 2020 Practice Lab. To see the calculation carrying to Line 10b of Form 1040, you must generate the PDF from the Client List or Summary/Print menu. The 1040 View still reflects 2019 and will be updated to reflect the 2020 1040 prior to the beginning of the filing season.

Note: Non-cash contributions, when applicable, are carrying to Line 10b of Form 1040. This discrepancy has been reported to our development team.

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