its deductible

Forum|Forum|3 years ago
January 26, 2023
3 replies
16 views

After importing my charitable donation using Its Deductible, it appeared to work, but the amount I owed was not reduced, even though I am itemizing. Can I correct this?

SteamTrain

Level 15

You need to check yoru tax summary...

1) If your "Taxable" income was already reduced to zero by all the other prior "itemized" deductions, then even a billion $$ more of donations would not change anything.

2) if you have net self-employed income, the extra donations do not reduce yoru SE tax (SS and Medicare)

____________________________

IF using Desktop software, switch to Forms mode and check your $$ deductions totals on the Schedule A, and then your 1040, line 15 to see if yoru taxable income is already at a zero.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

jmazziehAuthor

Level 2

I checked line 15 as suggested and this was not the problem though I appreciated the response which may help on future returns. I have decided to start over on a new return, enter my donations manually and see if I get the same result. I got this idea from another member with a similar problem.

ShirlynW

Level 8

There's a limit on how much of your charitable contributions you can deduct. The basic rule is that your cash contributions to public charities, colleges and religious groups can't exceed 60% of your adjusted gross income (AGI).

Sometimes a lower limit of 30%, or even 20%, is applied based on the type of organization or type of donation. When you go over the limit, you’re allowed to carry the excess forward for up to five years.

For more information

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