You'll need to sign in or create an account to connect with an expert.
On your tax return, IRA contributions that are deductible can be included whether or not you take the standard deduction. But charitable contributions are only deductible if you itemize your expenses instead of taking the standard deduction.
Regarding Itemized Deductions: there is a choice to either utilize the standard deduction or to itemize your deductions. Itemized deductions include some of these items: state and local taxes paid, mortgage interest paid, mortgage insurance premiums paid, medical expenses (limited to 7.5% AGI floor), charitable contributions, and miscellaneous expenses (limited to 2% AGI floor) of job-related expenses, tax preparation fees, etc. Therefore, when taking the standard deduction, charitable contributions will not be included as deductions on your return.
Other deductions that are not part of itemized deductions are allowed over and above the standard deduction on your return to reduce your taxable income. Deductible IRA contributions are one of these deductions.
On your tax return, IRA contributions that are deductible can be included whether or not you take the standard deduction. But charitable contributions are only deductible if you itemize your expenses instead of taking the standard deduction.
Regarding Itemized Deductions: there is a choice to either utilize the standard deduction or to itemize your deductions. Itemized deductions include some of these items: state and local taxes paid, mortgage interest paid, mortgage insurance premiums paid, medical expenses (limited to 7.5% AGI floor), charitable contributions, and miscellaneous expenses (limited to 2% AGI floor) of job-related expenses, tax preparation fees, etc. Therefore, when taking the standard deduction, charitable contributions will not be included as deductions on your return.
Other deductions that are not part of itemized deductions are allowed over and above the standard deduction on your return to reduce your taxable income. Deductible IRA contributions are one of these deductions.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
frankiestylez
New Member
mprothme
New Member
bhJogdt
Level 1
khalfin
New Member
donald_lowe-aol-
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.