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Not necessarily. Charitable donations by themselves will not create a refund. If you donated money to charity in order to receive a tax benefit you would need to itemize your expenses. To do this cash donations (limit of 50% of your AGI), plus mortgage interest, property taxes, medical expenses in excess of 7.5% of your AGI, job-expenses in excess of 2% of your AGI, plus the rest of your Schedule A deductions would have to be greater than your standard deduction.
The standard deductions are based on your filing status and are as follows
So, if you donated money to charity and all of your itemized expenses were not greater than the standard deduction for your filing status you would not see a benefit for this. Charitable donations that exceed 50% of your AGI are able to be carried forward.
Additionally, if your taxable income is already at $0 you would not see a benefit from a donation as it will not take your taxable income any lower.
Not necessarily. Charitable donations by themselves will not create a refund. If you donated money to charity in order to receive a tax benefit you would need to itemize your expenses. To do this cash donations (limit of 50% of your AGI), plus mortgage interest, property taxes, medical expenses in excess of 7.5% of your AGI, job-expenses in excess of 2% of your AGI, plus the rest of your Schedule A deductions would have to be greater than your standard deduction.
The standard deductions are based on your filing status and are as follows
So, if you donated money to charity and all of your itemized expenses were not greater than the standard deduction for your filing status you would not see a benefit for this. Charitable donations that exceed 50% of your AGI are able to be carried forward.
Additionally, if your taxable income is already at $0 you would not see a benefit from a donation as it will not take your taxable income any lower.
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