What is the Estimated Savings on the Items Donation summary? I thought we can deduct the full amount of cash and items we donated assuming we itemized our deduction?

Can we deduct the full amount of our cash donation and the fair market value of all the items we donated if we itemized our deductions and its greater than the standard deduction?

1002

1 Best answer

Level 15

Jun 4, 2019 9:08:34 PM

Assuming you have enough total itemized deductions to exceed the Standard deduction, you get to deduct the donation value from your income,before the tax is calculated.

The Estimated Savings is the tax savings based on your tax bracket. So a $100 donation gives you a $25 tax savings if you are in the 25% bracket.

Level 15

Jun 4, 2019 9:08:34 PM

Assuming you have enough total itemized deductions to exceed the Standard deduction, you get to deduct the donation value from your income,before the tax is calculated.

The Estimated Savings is the tax savings based on your tax bracket. So a $100 donation gives you a $25 tax savings if you are in the 25% bracket.

New Member

Jun 4, 2019 9:08:35 PM

Thank you SweetieJean for your reply and clarifying this for me

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What is the Estimated Savings on the Items Donation summary? I thought we can deduct the full amount of cash and items we donated assuming we itemized our deduction?