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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?

halsimo
Level 2
This is for 2020
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6 Replies 6
PhoebeRoberts
Level 9
Level 9

$300 per return, regardless of filing status.

TaxGuyBill
Level 14

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.

halsimo
Level 2

Thanks for the help!!

itonewbie
Level 15

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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halsimo
Level 2

Thank you!!

George4Tacks
Level 15

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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