You'll need to sign in or create an account to connect with an expert.
not sure what you have. but, if it's a tax-exempt private foundation (PF), any distribution from it to eligible charities has no effect on your personal taxes. contributions you make to your PF would be deductible subject to limitations.
It is a non profit I run myself. We serve our community feeding the homeless and other charitable giving in the community.
Describe what your Non-profit organization actually is.
1) A non-profit you actually run yourself.?? (if so, describe it for us)
2) ...or perhaps a Charitable Gift Fund account that you have put money into in the past, and that you send $$ out from to other charities??
not sure what you have. but, if it's a tax-exempt private foundation (PF), any distribution from it to eligible charities has no effect on your personal taxes. contributions you make to your PF would be deductible subject to limitations.
It is a non profit I run myself. We serve our community feeding the homeless and other charitable giving in the community.
Then it's not clear exactly what you are asking.
I certainly hope you are keeping your personal finances entirely separate from your charity organization
...and filing the proper (separate) Charity Organization's paperwork every year.
__________________________________
IF You donate into your charity from your personal account, you can include those amounts in your yearly personal tax return as potential itemized deductions (but only if it a registered 501c3 charity).
Those donations, and any others, are recorded by the charity's financial accounting records as income, and their use for food/etc is recorded and reported on their yearly filings as part of the charity's expenses.
_________________________
BUT...I am not someone very knowledgeable about the details of how charities actually do their accounting and yearly reporting.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
cjcantrell
New Member
jsanders56
Returning Member
DeeLiz
New Member
markrweiss
New Member
Efritznp
Level 1
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.