Deductions

[judgeralph]

I am doing my 2021 federal and state income taxes on a Premier download program.  It told me to take the standard deduction.  I have charitable deductions totaling over $13,000.  The comparison page shows the standard deduction of $26,450 and charitable deduction of $600, then shows my property taxes paid as -$4,735 and then shows no benefit to me, just the standard deduction.  Why do I not get the benefit of my charitable expenses?

[VolvoGirl]

Are all your deductions more than the standard deduction? Turbo Tax starts out by giving you the Standard Deduction so you won't see a change until your itemized deductions go over.

For 2021 the standard deduction amounts are:

Single 12,550 + 1,700 for 65 and over or blind (14,250)

HOH 18,800 + 1,700 for 65 and over or blind (20,500)

Joint 25,100 + 1,350 for each 65 and over or blind (26,450/27,800)

Married filing Separate 12,550 + 1,350 for 65 and over or blind (13,900)

And if you take the Standard Deduction you can also deduct up to 300/600 for charity on 1040 line 12b. So the Standard Deduction + 300/600 might be more than your deductions.

If you are using the Desktop program you can switch to Forms Mode and open schedule A to see the total.  

[HelenC12]

We can't see your tax return but your charitable contributions may be limited. Beginning in 2020, you can deduct:

• cash contributions in full up to 100% of your AGI to qualified charities, 
• donations of property up to 30% of your AGI and 
• appreciated long-term securities worth up to 20% of your AGI. 
• Anything in excess of these amounts can be carried forward to the next tax year, for a maximum of five years.

Gifts of vehicles. In many instances, you’ll get far less by donating your car than by selling or trading it in. The IRS allows you to deduct only the charity’s actual selling price, and requires you to attach a statement of sale to the tax return. If the charity uses your car, rather than resells it, you are entitled to deduct the vehicle’s fair market value.