Deductions & credits

To possibly claim your $5,000 wedding flower donation to the senior living community, verify they are a federally designated non-profit with a 501(c)(3) exemption. Here are the steps:

1. Verify Non-Profit Status: Ensure the senior living community is a 501(c)(3) organization.
2. Get a Receipt: Obtain a receipt from the organization, including the date, description of the flowers, and their fair market value (FMV) at the time of donation.
3. Determine FMV: Estimate the fair market value of the flowers when donated.
4. Itemize Deductions: Ensure you itemize your deductions on your tax return.
5. Complete Form 8283: If the donation is over $500, complete IRS Form 8283, "Noncash Charitable Contributions." This can be done in TurboTax by:
   1. Log into TurboTax
   2. Go to donations to charitable organizations.
   3. Select the Yes button to answer the question: Did you make any donations to charity in 2024

For more details, you can refer to the TurboTax help article.