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wingnut9
January 27, 2024
Question

Charitable donationsnot

  • January 27, 2024
  • 1 reply
  • 0 views

I input $15,300.00 of cash charitable donations and my Federal tax due did not decrease? Thanx!

    1 reply

    DoninGA
    DoninGA
    Employee
    January 27, 2024

    A cash contribution can be limited as an itemized deduction that would require a carryover to the next tax year.

    Was the amount of the contribution 30% or more than the amount of your Adjusted Gross Income on Line 11 of the Form 1040?

    See the IRS Publication 526 Charitable Contributions page 14 for limitations - https://www.irs.gov/pub/irs-pdf/p526.pdf

    W
    wingnut9Author
    January 27, 2024

    Thanx so much!

    No, it was not greater than 30% AGI.

    DoninGA
    DoninGA
    Employee
    January 27, 2024

    The total of all your itemized deductions on Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.

     

    Standard deductions for 2023

    Single - $13,850 add $1,850 if age 65 or older
    Married Filing Separately - $12,950 add $1,500 if age 65 or older
    Married Filing Jointly - $27,700 add $1,500 for each spouse age 65 or older
    Head of Household - $20,800 add $1,850 if age 65 or older

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