There is a limitation for charitable contributions as an itemized deduction on Schedule A.
The charitable contribution amounts are reported on Schedule A, Lines 16, 17, and 18. The contribution limitation on Line 19 is computed on the Charitable Contribution Limitation Worksheet. Contributions are compared with the adjusted gross income on IRS Form 1040.
To view the worksheet in TaxAct® Online:
NOTE: If, after you click Print in Step 5 above, and you are directed to the Payment Option screen, you will need to process the product fees prior to printing.
To view the worksheet in TaxAct Desktop:
In the print dialog box that appears you are able to choose if you wish to send the output to a printer or a PDF document. If you wish to only print preview the document, check the Print Preview box. Once the print preview window opens, click the Print button to actually print the document.
The Charitable Contribution Limitation Worksheet will reflect the calculation of the limited amount which flows to Line 19 of federal Schedule A. Along with reflecting the current year's limitation, it will also show the carryover from the prior year and the carryover to the following year.
If the current year's information is imported into next year's TaxAct return, the amount showing as Total Contribution Carryover will appear on the worksheet as a carryover from a prior year and will automatically transfer to Line 18 of federal Schedule A.