I want to turn my charitable donations into tax exemptions. How do I do that? How much does it take?

5 Responses to I want to turn my charitable donations into tax exemptions. How do I do that? How much does it take?

1. A Hunch says:

   May 16, 2011 at 3:51 am

   You can claim all your charitable donations as tax deductions (not exemptions or credits) if you itemize. The standard deduction for 2011 is $5800, so you would need to have deductions of more than that amount to make it worth your while to use this process.

   Even if you don’t meet these requirements, please continue to donate. Your money helps a lot of people!!

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   A tax deduction is a reduction in taxes – it is typically about a 25% discount. So if you donate $1.00 you will get about 25-cents reduced from your taxes.

   A tax credit is when you get the full value = it’s $1 and you get $1 off your taxes

   A tax exemption means that it is exempt from taxes (not even considered for taxes).
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2. Bobbie says:

   May 16, 2011 at 4:07 am

   To deduct a charitable contribution, you must file Form 1040 and itemize deductions on Schedule A.
   Have a written communication from the organization containing the name of the organization, the date of the contribution and amount of the contribution
   For more information on charitable contributions, refer to Form 8283 and its instructions, as well as Publication 526, Charitable Contributions. For information on determining value, refer to Publication 561, Determining the Value of Donated Property. These forms and publications are available at http://www.irs.gov by using the search box for each one or by calling 800-TAX-FORM (800-829-3676).
   Hope that you find the above enclosed information useful. 05/05/2011
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3. tro says:

   May 16, 2011 at 4:57 am

   you need to be able to use Sch A, itemized deductions
   that would happen if all the items on Sch A exceeded your standard deduction
   for 2011 if you are single that would be $5800
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4. StephenWeinstein says:

   May 16, 2011 at 5:27 am

   You cannot turn them into an exemption. You can use them as a "deduction", but not an "exemption". And there is no specific amount. The more you donate, the more you deduct.
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5. kelby7670 says:

   May 16, 2011 at 6:03 am

   You need to donate at least 50 cents so it won’t round off to zero.
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