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ProSeries Frequently Asked Questions

Form 1040, Schedule A Private Foundation Limitation of 20%

Products Affected:

• ProSeries/1040
• ProSeries Express/1040
• ProSeries Basic/1040

Situation

On the Schedule A, Noncash Contribution Worksheet, gifts of appreciated property to private foundations are not automatically limited to 20% of adjusted gross income when the value of the contribution is less than $500.

Workaround

On the Noncash Contributions Worksheet, line 10, enter the cost or adjusted basis in the donated property.

This situation has been reported to our development team.

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