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its deductible

After importing my charitable donation using Its Deductible, it appeared to work, but the amount I owed was not reduced, even though I am itemizing.  Can I correct this?

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3 Replies

its deductible

You need to check yoru tax summary...

 

1)  If your "Taxable" income was already reduced to zero by all the other prior "itemized" deductions, then even a billion $$ more of donations would not change anything.

 

2) if you have net self-employed income, the extra donations do not reduce yoru SE tax (SS and Medicare)

____________________________

IF using Desktop software, switch to Forms mode and check your $$ deductions totals on the Schedule A, and then your 1040, line 15 to see if yoru taxable income is already at a zero.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

its deductible

I checked line 15 as suggested and this was not the problem though I appreciated the response which may help on future returns.  I have decided to start over on a new return, enter my donations manually and see if I get the same result.  I got this idea from another member with a similar problem.  

its deductible

There's a limit on how much of your charitable contributions you can deduct. The basic rule is that your cash contributions to public charities, colleges and religious groups can't exceed 60% of your adjusted gross income (AGI).

 

Sometimes a lower limit of 30%, or even 20%, is applied based on the type of organization or type of donation. When you go over the limit, you’re allowed to carry the excess forward for up to five years.

 

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