How do I handle a 501 (c) (3) payout?

2 replies
14 views

we received donations from two 501 (c) (3) charities, where do I log that info in my tax return. and also what product is best for me to buy to file my tax return for 2016 to handle this scenario? the deluxe or do I need the premier?

TurboTax Free Edition Online

SweetieJeanAnswer

Alumni - Champ

Unless you did something in return for those donations, they are gifts and are not taxable income to you.

SweetieJean

Answer

Alumni - Champ

Unless you did something in return for those donations, they are gifts and are not taxable income to you.

SweetieJean

Alumni - Champ

If you itemize, though, you can record those funds as non taxable income for purposes of the Sales Tax deduction.

How do I handle a 501 (c) (3) payout?

2 replies

Unlock tailored help options in your account

Get answers to all your tax questions

Unlock tailored help options in your account

Get answers to all your tax questions

Sign up

Login with SSO

Let's get you signed in

Login with SSO