topic Donation/Deduction in Deductions & credits

Donation/Deduction

NinaHollaway — Sat, 15 May 2021 14:07:50 GMT

During the pandemic I volunteered at Opportunities for Williamson and Burnet Counties. OWBC is a 501c nonprofit. I worked at home for OWBC Community Services to assist individuals with utilities/rental assistance during the covid 2020 crisis. My volunteer hours were 467 hrs. Per the Independent Sector guidelines my dollar amount per hour is $27.20. 467 hrs X $27.20 equals $12,702.40.

My question is: How do I take credit for this amount on my taxes?

Re: Donation/Deduction

xmasbaby0 — Sat, 15 May 2021 14:09:35 GMT

Nope. When you perform volunteer work you cannot deduct anything at all for your time, skill or expertise. You can only deduct expenses for mileage or supplies you needed to perform the volunteer work or make a donation. Sorry, but that was a great thing to do.

Re: Donation/Deduction

Anonymous_ — Sat, 15 May 2021 14:12:36 GMT

You cannot deduct the value of your time or services.

See https://www.irs.gov/publications/p526#en_US_2020_publink1000229698

Re: Donation/Deduction

NinaHollaway — Sat, 15 May 2021 14:13:45 GMT

Well, I have a signed In-Kind Donation form that I think can be deducted. In the past I have deducted In-Kind donations.

Re: Donation/Deduction

Anonymous_ — Sat, 15 May 2021 14:23:37 GMT

@NinaHollaway wrote:

Well, I have a signed In-Kind Donation form that I think can be deducted. In the past I have deducted In-Kind donations.

Per Treas. Reg. §1.170A-1(g), No deduction is allowable under Section 170 for a contribution of services.

Re: Donation/Deduction

NinaHollaway — Sat, 15 May 2021 14:47:30 GMT

I have been doing some research and my volunteer work qualifies for a tax deduction if I meet two criteria. 1. I volunteered with a registered 501c e organization and 2. I was not paid. I have to fill out a 1040 Schedule A form. Where in Turbo Tax can I do this?

Re: Donation/Deduction

Anonymous_ — Sat, 15 May 2021 14:50:01 GMT

@NinaHollaway You have been doing research where and what have you found?

I would suggest that you read the treasury regulation I cited in my previous post (link below).

https://www.law.cornell.edu/cfr/text/26/1.170A-1

Re: Donation/Deduction

xmasbaby0 — Sat, 15 May 2021 14:51:34 GMT

Sorry----you misunderstood the rules. Volunteers cannot deduct anything for their time. The time you spent as a volunteer cannot be entered on a Schedule A. If you drove anywhere to do the volunteer work you can deduct your mileage. if you purchased any sort of materials or supplies to perform the volunteer work you can deduct your expenses. You do not get anything for your time. Volunteer work does not get turned into "paid" work by entering it on a tax return.