117607
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

koltonn8
New Member

I have donated $10,000 to a University for football tickets. The $10,000 is 80% deductible. But I'm only allowed to choose university on here and it is only 50%.

I am wondering how to make sure the full amount is accounted for?
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply

I have donated $10,000 to a University for football tickets. The $10,000 is 80% deductible. But I'm only allowed to choose university on here and it is only 50%.

You are correct that 80% is allowed for University donations like yours. 

The 50% is describing what type of charity (there are two classes, 50% and 30%).  What this means is that your charitable contribution in your case,you can deduct up to 50% of your Adjusted Gross Income.  Then if it exceeds that, it is getting carried over the next tax year. 

"Limitations on Deductions

In general, contributions to charitable organizations may be deducted up to 50 percent of adjusted gross income computed without regard to net operating loss carrybacks."

Source: https://www.irs.gov/charities-non-profits/charitable-organizations/charitable-contribution-deduction...


"Carryovers:  You can carry over any contributions you can't deduct in the current year because they exceed your adjusted ­gross income limits. You may be able to deduct the excess in each of the next 5 years until it is used up, but not beyond that time."

Source:  page 17, https://www.irs.gov/pub/irs-pdf/p526.pdf


Special Rules for Universities

If you make a donation to a university that grants you the right to buy tickets to an athletic event, only 80 percent of the donation is deductible. For example, if you give $20,000 to your alma mater in exchange for the right to purchase football season tickets, you can deduct only $16,000. However, if any portion of the donation is in exchange for the tickets themselves, you cannot deduct that portion. For example, if you donate $20,000 and receive football season tickets worth $1,000, your deduction is only $19,000.

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question