Re: 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 · ‎12-17-2020

This is for 2020

PhoebeRoberts · ‎12-17-2020

$300 per return, regardless of filing status.

itonewbie · ‎12-17-2020

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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Still an AllStar

George4Tacks · ‎12-17-2020

It appears you have not take you CE course on updates yet. This may help What You Need to Know About Your 2020 Taxes

Answers are easy. Questions are hard!

TaxGuyBill · ‎12-17-2020

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 · ‎12-19-2020

Thanks for the help!!

halsimo · ‎12-19-2020

Thank you!!

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?

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