Taxes and charity

[jad56061]

For donating to charity. Is it worth to reduce tax bill if the contribution is less than $300 and how much will it go down? I am wondering if it is worth donating if the number is so low.

[DoninGA]

Donations to a qualified charitable organization are entered on Schedule A as an itemized deduction.

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

[jad56061]

Can you let me know what is on schedule A? What are examples of all my itemized deductions. Can you give an example?

[DoninGA · Accepted solution]

Medical expenses greater than 7.5% of your AGI

Mortgage Interest paid

State and Local Real estate taxes paid or State and Local Sales taxes paid (whichever is greater)

State and Local income taxes paid

State and Local personal property taxes paid

(Note - There is a limit of $10,000 for the total of State, Local income taxes paid or Sales taxes paid and real estate taxes paid)

Investment interest paid

[rjs]

You don't donate only to reduce your tax. Your donation helps the charity, whether or not it reduces your tax. That's worth something.