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Retirement tax questions
If the car was a charitable donation that would be entered as an itemized deduction on Schedule A.
Since you are using the Standard Deduction the donation has no effect on your tax return.
The total of all your itemized deductions on Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.
Standard deductions for 2023
Single - $13,850 add $1,850 if age 65 or older
Married Filing Separately - $13,850 add $1,500 if age 65 or older
Married Filing Jointly - $27,700 add $1,500 for each spouse age 65 or older
Head of Household - $20,800 add $1,850 if age 65 or older
May 25, 2024
11:35 AM
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