I’ve been reviewing some of the changes in the BBB that impact charitable itemized deductions (NOT QCDs, but QCDs are limited to $111K per person). Starting in 2026, one can only deduct the amount of a contribution that exceeds 0.5% of your adjusted gross income (AGI). e.g., if your AGI is $100K and you contribute $5K, you can only deduct $4,500. If your contributions with $100K AGI are less than $500, you cannot deduct anything. There are other limitations on the deductions of high income (over $500K) earners.
Thanks. I forgot about the above the line charitable deduction ($1K/$2K). Don’t know if there are any income limits on that one.
Hadn’t noticed that, but I don’t deduct mine anymore after the 2017 tax law.
Anyone using TurboTax Premium this year? They seem to be late on some forms on my version.
I use H&R Block. No issues, taxes done, state refund already authorized.
Do you know whether it’s TurboTax or the IRS that is running late on forms? GF used TurboTax and had no problems.
I have not received my SSA statement, I have from my pension and bank. I’m going to give them a few more days to see it shows up.
Sister, that was the first one we received, a month ago. If you have an online account, you can print it from there.
Mine’s a little complicated this year I think the form has to do with depreciation recapture.
In some years, the software companies have to wait for the IRS to update the forms.
Thank you, it took me some days to figure out how to get my new PC to recognize my printer (Thanks YouTube) Anyhow, I just got it printed out from the SS website as it never showed up in snail mail. I thought maybe it was because it was complicated with the 1 1/2 year back pay and widow benefits I received, (Thanks Biden & Congress). I hope the original was just lost and not stolen, as the statement at SS has been there since January 1st. Thanks again.