My client donated private stock valued at $25,000 to a Charity Foundation and was informed she could deduct it for a max of 30% of her adjusted gross income. I did find it but how do I enter it in proseries basic? I put it with non cash donations and form 8283 does show up. but when you add the married joint exemption $24,400 + 25,000 and the donation it does add up. Please help.
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The deduction, to the extent it is allowed, is just another itemized deduction. You claim either the total itemized deductions on Schedule A, or the standard deduction. You don't get both. How much is their AGI? If it's less than $83,333 the $25,000 may be limited this year.
Don't forget to attach the appraisal to the return.
"but when you add the married joint exemption $24,400 + 25,000 "
There is no married joint "exemption". Youre looking at the standard deduction for married filing jointly of 24,400.
You get the standard deduction OR you get itemized deductions (which would include charitable donations), you dont add them together.
Thank you,
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