60% Limit for Charitable Contributions

[CD]

Why is LaCerte still not allowing the 60%-of-AGI limitation on charitable contributions?

[sjrcpa]

Well, the law change was enacted in December 2017. Lacerte says they cannot update the program until the (nonauthoriative) IRS Publication on charitable contributions is updated for this.

I say this is ridiculous.

[mdavolio · Accepted solution]

HI,

We have added an override field for you to enter contributions to 60% AGI charities.  We are waiting for IRS Publication 526 to be released.  It will indicate how to run the limitations and carryover computations for this new category.

Thank you,

Mike D'Avolio

Intuit

[VidaFree]

Yes, there is an over-ride box to get the 60% amount for Federal, and it does limit it to 50% on California, but then there is a diagnostic saying that California must be paper filed.  Doesn't seem that should be necessary.

[brentgregory]

Publication 256 IS available now.  My Senator, Tammy Baldwin's, office sent me a copy yesterday.  Lacerte is saying that the software cannot be changed for the 60% cap until the IRS issues its non-authoritative publication; but that has happened.  I'm very frustrated.  I have a 100-year old client to whom the 60% cap applies, and Lacerte keeps generating a critical diagnostic saying that it cannot implement the change.  I don't like to keep a 100-year old waiting!

[brentgregory]

Obviously my precious comment should have referred to Publication 526, not 256.  Apparently a bit of dyslexia going on!

[brentgregory]

Previous!  I  think I'm out of the commenting business!

[JimmyM]

Publication 526 was released by the IRS today at about 2:00am. We are currently updating the calculations for the charitable contribution limitations to account for the new 60% limit on cash contributions. We hope to release these updates toward the end of next week. 

[brentgregory]

The end of NEXT week?  I am not a programmer.  Still, with over a year to prepare, why couldn't you have the program pretty much ready to go?  I am not impressed.

[IntuitCharlene]

This is scheduled to be available on today's release.