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Level 1
November 16, 2022
Question

charitable deductions

  • November 16, 2022
  • 1 reply
  • 1 view

I received social security along with my salary. My tax owed has increased and wanted to know if additional charitable deductions would reduce my tax obligation enough to cover the SS income.

    1 reply

    Employee Tax Expert
    November 16, 2022

    Charitable contributions will NOT change the formula by which a portion of your Social Security benefits move into the taxable column.

    Charitable contributions will reduce your taxable income if you itemize deductions.

    If you have TurboTax Live, you can call in and one of our CPAs, Attorneys, or Enrolled Agents can talk you through the "what if" scenarios as to how the 2022 tax equation will be affected by a large December charitable contribution.