Question

Chariitable Deductions

Forum|Forum|6 years ago
March 14, 2020
1 reply
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I made a substantial ($34k) IRA charitable deduction in 2019. Is it better to use the option of a non-taxable distribution or use it as a charitable contribution? I also have property tax on 3 different properties of about $5K and another $550 dollars contributed to the same charity.

ColeenD3

The only way to know for sure is to run it both ways. If you are using the online program, you can ignore the one that is not advantagous and file the one that is.

You can only deduct up to a certain amount for contributions. The balance will be carried forward to next year.

Higher limitation for certain charitable contributions. For most cash contributions, the total amount of such contributions that can be deducted is now limited to 60% of your adjusted gross income.