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You will still enter as a car- TurboTax will ask you if you received the 1098-C and you can indicate NO and provide the necessary information needed to create a substitute form so that you can get the deduction.
You will still enter as a car- TurboTax will ask you if you received the 1098-C and you can indicate NO and provide the necessary information needed to create a substitute form so that you can get the deduction.
I just tried this and it isn't adding the $500 deduction to my total federal refund calculator. Any ideas?
Car donations are part of charitable contributions. Charitable contributions are itemized deductions. You would only itemize if your total deductions are greater than the standard deduction for your filing status.
In 2019 for example, single taxpayers and married taxpayers who file separate returns can claim a $12,200 standard deduction. Married couples filing jointly can claim an amount that's twice as large, $24,400, and taxpayers filing as "head of household" (single individuals with dependents) can claim a standard deduction of $18,350. If you are not itemizing, charitable contributions will not affect your tax return.
Your itemized deductions will only reduce your taxable income prior to calculating your tax liability. They do not have a dollar-for-dollar effect on your refund or tax liability. Adding a $500 deduction will not increase your refund or reduce your amount owed by $500.
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