I am the founding pastor of a new church. My wife and I have paid for all items purchased to start this ministry to included several months of rent. What are the steps for declaring these as donations? and what is the limit of my donations, because they are sizable?
NOTE:
1) I am bi-vocational, meaning I have a salaried employment and I do not receive any salary or benefits from this church.
2) We are organized under the 501(c)(3) in the state making us a qualified charitable organization, and are applying for full 501(c)(3) this quarter.
3)
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For most charities, you're allowed to donate up to 50% of your AGI. If you donate more than that, the remainder gets carried over to future years. TurboTax will take care of that situation if needed. If you have any other details regarding this question, please feel free to post them in the comment section.
To simplify entering donations on your tax return, TurboTax first has you set up the Charity.
Once you do set up the Charity, you can Click on "Add Another Donation" for each instance of donating to that Charity.
If you’ve already entered (or imported) your charitable donations using TurboTax Online, you can review and edit the donations by following these steps.
· Sign in to your TurboTax Account
· Click “Continue your return”
· Click “My Account” located in the blue menu bar towards the top of your screen
· Select “Tools”
· Select “Topic Search”
· Type “donations”
· TurboTax will automatically navigate to the “Donations to Charity” section
· On the "Did you make any donations to charity in 2017?" Click Yes
· Review and/or edit the information as necessary
For most charities, you're allowed to donate up to 50% of your AGI. If you donate more than that, the remainder gets carried over to future years. TurboTax will take care of that situation if needed. If you have any other details regarding this question, please feel free to post them in the comment section.
To simplify entering donations on your tax return, TurboTax first has you set up the Charity.
Once you do set up the Charity, you can Click on "Add Another Donation" for each instance of donating to that Charity.
If you’ve already entered (or imported) your charitable donations using TurboTax Online, you can review and edit the donations by following these steps.
· Sign in to your TurboTax Account
· Click “Continue your return”
· Click “My Account” located in the blue menu bar towards the top of your screen
· Select “Tools”
· Select “Topic Search”
· Type “donations”
· TurboTax will automatically navigate to the “Donations to Charity” section
· On the "Did you make any donations to charity in 2017?" Click Yes
· Review and/or edit the information as necessary
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