Donation

Forum|Forum|6 years ago
November 9, 2019
1 reply
14 views

Is there a way to calculate what returns I would get for the donation.

DoninGA

Level 15

Charitable donations are only entered on a federal tax return as an itemized deduction on Schedule A. The Total of All itemized deductions reported on Schedule A Must be greater than the Standard Deduction for your filing status to have any tax benefit.

Standard deductions for 2019

Single - $12,200 add $1,650 if age 65 or older
Married Filing Separately - $12,200 add $1,300 if age 65 or older
Married Filing Jointly - $24,400 add $1,300 for each spouse age 65 or older
Head of Household - $18,350 add $1,650 if age 65 or older

richa500Author

Level 2

I dont understand what that means, how much I would get back if i claim 12500$ in my standand deduction ( lets say if i donated total of 12500$

DoninGA

Level 15

If you are Single then your Standard Deduction is $12,200 in 2019. If you made a donation to a qualified charitable organization of $12,200 and that is the Only itemized deduction on Schedule A then you would receive no tax benefit for the donation.

If you made a donation of more than $12,200 then you would receive a tax benefit since your total itemized deductions are greater than your standard deduction.

This assumes that your donation is less than 20% of your Adjusted Gross Income. A $12,200 donation would not be limited if your AGI is less than $61,000