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Entering corporate charitable contributions in Lacerte

by Intuit• Updated 2 months ago

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:

  1. Go to Screen 20, Deductions.
  2. Scroll down to the Contributions (Use Screen 24 to enter contribution carryovers) subsection.
  3. Enter the contribution amount in Cash (Ctrl+E).

Follow these steps to enter current noncash contributions:

  1. Go to Screen 25, Noncash Contributions (8283).
  2. Enter information about the noncash contribution in the applicable fields.
  3. Charitable contributions print on Form 1120, line 19.

Follow these steps to enter contribution carryovers:

  1. Go to Screen 24, Contribution Carryovers.
  2. 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.
Lacerte Tax

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