Sunday, October 11, 2009

How do you deduct money given to charity on your taxes?

I donated money to charities at work and didn't think I could deduct it as it was under $100 so I didn't get a receipt. Now my friend says that it is possible to deduct money given up to $600 w/o a receipt. Is this true?

How do you deduct money given to charity on your taxes?
You deduct charitable contributions on the Schedule A, If you are not Itemizing your deductions you would not be able to deduct the contribution.





Your itemized deductions should add up to more than the standard deduction to be beneficial to itemize





Publication 526
Reply:It's true to a point. You can deduct charitable contributions only if you itemize- then they are an itemized deduction. You would only itemize if your total itemized deductions are more than the standard deduction for your filing status - $5150 single and $10,300 joint, other amounts for other filing statuses.





Also, you can claim a deduction of $250 or more only if you have a written acknowledgement from the organization it was given to. For contributions under $250, you have to have a written record - something like a cancelled check is sufficient.
Reply:Check your tax forms. There should be a place for charity.
Reply:Rob %26amp; Judy already answered, and so all I can add is that in some States, even though you filed a Standard Deduction on your Federal Return, your State may allow you to itemize....check it out. It could mean a couple of hundred dollars difference.


If you are filling out your return on-line, and it asks if you are itemizing or using the standard, pick the option which allows you to get the best deduction. This way it will fill the numbers in to drop down into your State if applicable....





good luck %26amp; bless

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