How is it that company's say there donations are tax deductible yet when i fill out the form on Turbo tax there is no credit. so what is the total amount $ wise that earns tax credit for charitable donations.
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Charitable donations are entered as an itemized deduction on Schedule A.
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
If you want to deduct charitable contributions on your tax return, you have to itemize your deductions on Schedule A of your 1040. You must have more itemized deductions than the Standard Deduction for your filing status to deduct. Based on what you mentioned, you may not have enough itemized deductions to get your deduction for your charitable contributions.
Review the following TurboTax articles to determine if there are additional items that you can deduct on your Schedule A. 9 Things You Didn't Know Were Tax Deductions, What Are Itemized Tax Deductions?, and Standard Deduction vs. Itemized Deductions: Which Is Better?
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