My husband and I make charitable donations monthly and have receipts for each donation. we were also thinking of donating a larger value item and would get a receipt as well. How much must be donated to claim and receive back in our tax return?
charitable donations are included in your itemized deductions and if these are the only things you can include in that to replace the standard deduction, it would be pointless to claim any
however, if you are able to itemize you are allowed to contribute up to 50% of your AGI to charities, there is a 30/20 split between the types of charities
however, again, this is not a direct refund of any contribution, it does affect how much of your AGI is taxable and your income tax liability
if you had enough withheld to overcome your liability, you would have a refund but not in direct relation to how much you donated
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charitable donations are included in your itemized deductions and if these are the only things you can include in that to replace the standard deduction, it would be pointless to claim any
however, if you are able to itemize you are allowed to contribute up to 50% of your AGI to charities, there is a 30/20 split between the types of charities
however, again, this is not a direct refund of any contribution, it does affect how much of your AGI is taxable and your income tax liability
if you had enough withheld to overcome your liability, you would have a refund but not in direct relation to how much you donated
References :
Do you currently itemize?
Your itemized deductions must exceed $11,400 before a charity deduction could reduce your tax bill any.
References :
To received any tax benefit from charitable donations you must itemize your deductions. If that is the case you increase your refund by your marginal tax rate. That is if your tax rate were 15% and your donated a $1,000 of stuff any refund you would have been due would increase by $150.
References :
To get ANY tax benefit from donations, you have to itemize. Unless your total itemized deductions including the donations are over the standard deduction of $10,700, itemizing won’t help your federal tax.
Over that, you’d likely get the donation value times your tax bracket % – so if you already itemize, and donate another $1000, and are in a 15% tax bracket, you might save $150 in tax for your $1000 donation, the rest comes out of your pocket.
Note that when you’re donating items rather than cash, the donation amount is the USED value of the item, not the original value. And there are special rules for donations of cars.
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