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Anonymous
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My wife and I gave $28000 to an established university in Georgia to establish a scholarship starting in 2019. Can this donation be deducted on 2019 tax submission?

 
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6 Replies
rjs
Level 15
Level 15

My wife and I gave $28000 to an established university in Georgia to establish a scholarship starting in 2019. Can this donation be deducted on 2019 tax submission?

Donations can only be deducted on your tax return for the year in which you made the donation. If you gave the money to the university in 2019 you will be able to deduct it on your 2019 tax return (that you will file in 2020). If you gave the money in 2018, you can only deduct it on your 2018 tax return. It doesn't matter when the scholarship starts or when the university starts using the money. What matters is when you made the donation.

Anonymous
Not applicable

My wife and I gave $28000 to an established university in Georgia to establish a scholarship starting in 2019. Can this donation be deducted on 2019 tax submission?

I knew when it has to be filed. My question is it deductible?

My wife and I gave $28000 to an established university in Georgia to establish a scholarship starting in 2019. Can this donation be deducted on 2019 tax submission?

Ask the scholarship if they have IRS tax exempt status and what their EIN is.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
rjs
Level 15
Level 15

My wife and I gave $28000 to an established university in Georgia to establish a scholarship starting in 2019. Can this donation be deducted on 2019 tax submission?

You can also find out if the university is eligible to receive tax-deductible contributions by using the Tax Exempt Organization Search on the IRS web site, at the following link.

<a rel="nofollow" target="_blank" href="https://www.irs.gov/charities-non-profits/tax-exempt-organization-search">https://www.irs.gov/charit...>
Hal_Al
Level 15

My wife and I gave $28000 to an established university in Georgia to establish a scholarship starting in 2019. Can this donation be deducted on 2019 tax submission?

Charitable donations are only deductible as an itemized deduction (on Schedule A).  Itemized deductions are claimed instead of the standard deduction, not in addition to it. A married couple gets a $24,000 standard deduction. Depending on how much other itemized deductions you have (e.g. mortgage interest), you may only see a small tax break from a $28K deduction. For example, 28K - 24K = 4k net additional deduction. $4,000 x 22% tax rate = $880 tax savings.
Anonymous
Not applicable

My wife and I gave $28000 to an established university in Georgia to establish a scholarship starting in 2019. Can this donation be deducted on 2019 tax submission?

Thanks Hal_Al; I think this is the answer I was looking for.
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