topic Charitable donations did not impact refund... in Deductions & credits https://ttlc.intuit.com/community/tax-credits-deductions/discussion/charitable-donations-did-not-impact-refund/01/68677#M7125 My $3000 worth of charitable donations did not impact my refund at all... why is this? Sat, 01 Jun 2019 02:13:26 GMT kaycebourgette 2019-06-01T02:13:26Z Charitable donations did not impact refund... https://ttlc.intuit.com/community/tax-credits-deductions/discussion/charitable-donations-did-not-impact-refund/01/68677#M7125 My $3000 worth of charitable donations did not impact my refund at all... why is this? Sat, 01 Jun 2019 02:13:26 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/charitable-donations-did-not-impact-refund/01/68677#M7125 kaycebourgette 2019-06-01T02:13:26Z A charitable donation almost never changes your tax due o... https://ttlc.intuit.com/community/tax-credits-deductions/discussion/a-charitable-donation-almost-never-changes-your-tax-due-o/01/68680#M7126 <P>A charitable donation almost never changes your tax due or refund all by itself. &nbsp;First, your donation does not count "dollar for dollar"--it is calculated by a percentage based on your tax bracket. &nbsp;You need a LOT of other itemized deductions like mortgage interest or property taxes, medical expense, etc. to itemize and exceed your standard deduction.</P><P> <SPAN>Your itemized deductions have to be more than your standard deduction before you will see a change in your tax owed or tax refund.&nbsp;<B> The deductions you enter do not necessarily count “dollar for dollar;”</B> many of them are subject to meeting thresholds&nbsp; (for example: only the amount of your medical deductions that are over 10% of your AGI or over 7.5% if you are 65 or older are “counted”) or are calculated by a percentage of what you entered.&nbsp;The software program uses all the IRS rules that apply to the expenses you enter, and it tells you if you have enough to use your itemized deductions or if using the standard deduction is more advantageous for you. Here are the Standard Deductions for 2016</SPAN> </P><P>Your standard deduction lowers your taxable income. &nbsp;It is not a refund&nbsp;</P><P>2016 Standard Deductions</P><P>Single&nbsp; &nbsp; $6300&nbsp; (65 or older + $1550)</P><P>Married Filing Separately &nbsp; $6300&nbsp; (65 or older +&nbsp; $1250)</P><P>Married Filing Jointly &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; $12,600&nbsp; (65 or older + $1250@)</P><P> </P><P>Head of Household $9250&nbsp; (65 or older + $1550)</P> Sat, 01 Jun 2019 02:13:27 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/a-charitable-donation-almost-never-changes-your-tax-due-o/01/68680#M7126 xmasbaby0 2019-06-01T02:13:27Z Re: A charitable donation almost never changes your tax due o... https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-a-charitable-donation-almost-never-changes-your-tax-due-o/01/1252554#M132926 <P>I n case you haven't noticed it is now 2019 filling season. What are the numbers for 2019</P> Sat, 29 Feb 2020 23:58:07 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-a-charitable-donation-almost-never-changes-your-tax-due-o/01/1252554#M132926 benkue 2020-02-29T23:58:07Z Re: A charitable donation almost never changes your tax due o... https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-a-charitable-donation-almost-never-changes-your-tax-due-o/01/1252593#M132930 <P>When the Answer Xchange migrated over to Real Money Talk a lot of old posts&nbsp; were brought over with June 2019 dates.&nbsp; The above is one of the very old ones.</P> <P>&nbsp;</P> <P class="p1"><SPAN class="s1"><STRONG>2019 Standard Deduction Amounts</STRONG></SPAN></P> <P class="p2"><SPAN class="s1">&nbsp;</SPAN></P> <P class="p2"><SPAN class="s1">Single $12,200&nbsp;<SPAN class="Apple-converted-space">&nbsp; </SPAN>(+ $1650 65 or older)</SPAN></P> <P class="p2"><SPAN class="s1">Married Filing Separate<SPAN class="Apple-converted-space">&nbsp; </SPAN>$12,200&nbsp;<SPAN class="Apple-converted-space">&nbsp; </SPAN>(+ $1300 if 65 or older)</SPAN></P> <P class="p2"><SPAN class="s1">Married Filing Jointly $24,400&nbsp;<SPAN class="Apple-converted-space">&nbsp; </SPAN>(+ $1300 for each spouse 65 or older)</SPAN></P> <P class="p2"><SPAN class="s1">Head of Household $18,350<SPAN class="Apple-converted-space">&nbsp; </SPAN>(+ $1650 for 65 or older)</SPAN></P> <P class="p3">&nbsp;</P> <P class="p4"><SPAN class="s1">Look on line 9 of your 2019 Form 1040 to see your itemized/standard deduction amount</SPAN></P> Sun, 01 Mar 2020 00:12:11 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-a-charitable-donation-almost-never-changes-your-tax-due-o/01/1252593#M132930 xmasbaby0 2020-03-01T00:12:11Z
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topic Charitable donations did not impact refund... in Deductions & credits
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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/charitable-donations-did-not-impact-refund/01/68677#M7125
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My $3000 worth of charitable donations did not impact my refund at all... why is this?
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<pubDate>Sat, 01 Jun 2019 02:13:26 GMT</pubDate>
<dc:creator>kaycebourgette</dc:creator>
<dc:date>2019-06-01T02:13:26Z</dc:date>
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<title>Charitable donations did not impact refund...</title>
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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/charitable-donations-did-not-impact-refund/01/68677#M7125
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My $3000 worth of charitable donations did not impact my refund at all... why is this?
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<pubDate>Sat, 01 Jun 2019 02:13:26 GMT</pubDate>
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<dc:creator>kaycebourgette</dc:creator>
<dc:date>2019-06-01T02:13:26Z</dc:date>
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<title>
A charitable donation almost never changes your tax due o...
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<link>
https://ttlc.intuit.com/community/tax-credits-deductions/discussion/a-charitable-donation-almost-never-changes-your-tax-due-o/01/68680#M7126
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<P>A charitable donation almost never changes your tax due or refund all by itself. &nbsp;First, your donation does not count "dollar for dollar"--it is calculated by a percentage based on your tax bracket. &nbsp;You need a LOT of other itemized deductions like mortgage interest or property taxes, medical expense, etc. to itemize and exceed your standard deduction.</P><P> <SPAN>Your itemized deductions have to be more than your standard deduction before you will see a change in your tax owed or tax refund.&nbsp;<B> The deductions you enter do not necessarily count “dollar for dollar;”</B> many of them are subject to meeting thresholds&nbsp; (for example: only the amount of your medical deductions that are over 10% of your AGI or over 7.5% if you are 65 or older are “counted”) or are calculated by a percentage of what you entered.&nbsp;The software program uses all the IRS rules that apply to the expenses you enter, and it tells you if you have enough to use your itemized deductions or if using the standard deduction is more advantageous for you. Here are the Standard Deductions for 2016</SPAN> </P><P>Your standard deduction lowers your taxable income. &nbsp;It is not a refund&nbsp;</P><P>2016 Standard Deductions</P><P>Single&nbsp; &nbsp; $6300&nbsp; (65 or older + $1550)</P><P>Married Filing Separately &nbsp; $6300&nbsp; (65 or older +&nbsp; $1250)</P><P>Married Filing Jointly &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; $12,600&nbsp; (65 or older + $1250@)</P><P> </P><P>Head of Household $9250&nbsp; (65 or older + $1550)</P>
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<pubDate>Sat, 01 Jun 2019 02:13:27 GMT</pubDate>
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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/a-charitable-donation-almost-never-changes-your-tax-due-o/01/68680#M7126
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<dc:creator>xmasbaby0</dc:creator>
<dc:date>2019-06-01T02:13:27Z</dc:date>
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Re: A charitable donation almost never changes your tax due o...
</title>
<link>
https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-a-charitable-donation-almost-never-changes-your-tax-due-o/01/1252554#M132926
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<P>I n case you haven't noticed it is now 2019 filling season. What are the numbers for 2019</P>
</description>
<pubDate>Sat, 29 Feb 2020 23:58:07 GMT</pubDate>
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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-a-charitable-donation-almost-never-changes-your-tax-due-o/01/1252554#M132926
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<dc:creator>benkue</dc:creator>
<dc:date>2020-02-29T23:58:07Z</dc:date>
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<title>
Re: A charitable donation almost never changes your tax due o...
</title>
<link>
https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-a-charitable-donation-almost-never-changes-your-tax-due-o/01/1252593#M132930
</link>
<description>
<P>When the Answer Xchange migrated over to Real Money Talk a lot of old posts&nbsp; were brought over with June 2019 dates.&nbsp; The above is one of the very old ones.</P> <P>&nbsp;</P> <P class="p1"><SPAN class="s1"><STRONG>2019 Standard Deduction Amounts</STRONG></SPAN></P> <P class="p2"><SPAN class="s1">&nbsp;</SPAN></P> <P class="p2"><SPAN class="s1">Single $12,200&nbsp;<SPAN class="Apple-converted-space">&nbsp; </SPAN>(+ $1650 65 or older)</SPAN></P> <P class="p2"><SPAN class="s1">Married Filing Separate<SPAN class="Apple-converted-space">&nbsp; </SPAN>$12,200&nbsp;<SPAN class="Apple-converted-space">&nbsp; </SPAN>(+ $1300 if 65 or older)</SPAN></P> <P class="p2"><SPAN class="s1">Married Filing Jointly $24,400&nbsp;<SPAN class="Apple-converted-space">&nbsp; </SPAN>(+ $1300 for each spouse 65 or older)</SPAN></P> <P class="p2"><SPAN class="s1">Head of Household $18,350<SPAN class="Apple-converted-space">&nbsp; </SPAN>(+ $1650 for 65 or older)</SPAN></P> <P class="p3">&nbsp;</P> <P class="p4"><SPAN class="s1">Look on line 9 of your 2019 Form 1040 to see your itemized/standard deduction amount</SPAN></P>
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<pubDate>Sun, 01 Mar 2020 00:12:11 GMT</pubDate>
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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-a-charitable-donation-almost-never-changes-your-tax-due-o/01/1252593#M132930
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<dc:creator>xmasbaby0</dc:creator>
<dc:date>2020-03-01T00:12:11Z</dc:date>
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