Charitable deductions work differently than other items on Schedule A
As of July, 2022, Holistiplan will not copy any charitable gifting from an uploaded return to a copied scenario. This allows for more consistency in entering charitable gifts according our best practice, which is to use the Charitable Worksheet. You can access the worksheet by clicking the file icon in the Charity row in the Schedule A section.
The Charity Worksheet allows you to enter the donation amount based on both the type of charity (e.g., 50%, non-50%), as well as the nature of the gift (cash, capital gains property, etc.). With that information, Holistiplan can calculate the true amount of the charitable deduction based on your client’s Adjusted Gross Income, as well as how much of the charitable deduction may need to be carried forward into future years if the contribution exceeds the allowable AGI-based deduction limit.
In this case, Peter and Paula made a gift of $10,000 worth of capital gains property - such as stocks or mutual funds - to a 50% limit organization. (Note: All public charities - including Donor Advised Funds - will qualify as a 50% limit organization. For more information, visit https://www.irs.gov/charities-non-profits/charitable-organizations/charitable-contribution-deductions.)