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- Does anyone know how the worksheet for limit on charitable contributions works for 2020? Tech support wouldn't tell me how the bifurcation between line 3 and line 10 is determined? I am reducing my ...
Does anyone know how the worksheet for limit on charitable contributions works for 2020? Tech support wouldn't tell me how the bifurcation between line 3 and line 10 is determined? I am reducing my clients giving by $300,000 and getting a better Sch A!
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php333
Level 2
05-04-2021
10:20 PM
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When I reduce total charitable giving from $821K to $521K, with many millions in non-cash carryovers, and AGI of nearly $1,000,000, the tax is reduced from about $22K to about $4K. I can watch the numbers all I want, and quizzically watch on the "worksheet for limit on charitable contributions-pg 1" as the total giving amount is split by Lacerte between Line 3 and Line 10, and then calculated amounts cascade onto pages 1 through 3 (the contribution/carryover summary)....I don't trust what I can't replicate....until now I guess! Anyone?
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