A corporation can't deduct contributions that total more than 10% of its taxable income for the tax year. Refer to Pub 542 for instructions on how to figure taxable income for this purpose.
Follow these steps to enter current cash contributions:
- Go to Screen 20, Deductions.
- Scroll down to the Contributions (Use Screen 24 to enter contribution carryovers) subsection.
- Enter the contribution amount in Cash (Ctrl+E).
Follow these steps to enter current noncash contributions:
- Go to Screen 25, Noncash Contributions (8283).
- Enter information about the noncash contribution in the applicable fields.
Follow these steps to enter contribution carryovers:
- Go to Screen 24, Contribution Carryovers.
- Enter the amounts carried over in the Contribution Carryovers section.
- You can also use the Consolidated Contribution Carryover section if you're completing a consolidated return.
Charitable contributions print on Form 1120, line 19.