Charitable Donations

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I work for a 501(C)(3) nonprofit. Two years ago, I took a voluntary pay cut (which remains in effect) to help reduce our organization's expenses. Can I claim the difference (about $16,500 per year) as a donation to my own charity and use it as a deduction on my federal taxes? As I see it, I'm donating $16,500 worth of my time as an in-kind donation back to the company, but I'm not sure how the IRS views this.

TurboTax Online

null725Answer

Level 13

No. That is not deductible. The value of your time is not deductible.
See IRS Pub. 526
http://www.irs.gov/pub/irs-pdf/p526.pdf

null725Answer

Level 13

No. That is not deductible. The value of your time is not deductible.
See IRS Pub. 526
http://www.irs.gov/pub/irs-pdf/p526.pdf

NewGuy

Level 6

No, you cannot claim income you didn't receive as a donation. You also cannot claim your time as a charitable contribution. This makes sense if you think about it, you would first have to claim it as income before you could seek a deduction for it.