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March 21, 2020
Question

I donated money to a university and It is suppose to give me 50% of the money back. After I entered the donation return didn't change. What did I do wrong?

  • March 21, 2020
  • 1 reply
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Donating to schools is different than donating to good will. I was told that I would get 50% of the money back on my taxes. And I has work in the past but this year the software is different and I cant find the correct location to enter the school donation... I tryied to enter it in "charitable donations" but it didnt change my return amount? were do I need to enter the donation?

1 reply

March 21, 2020

The donation would get entered in the section under Deductions & Credits that says "Donations to Charity in 2019."

 

However, tax law regarding itemized deductions has changed.  When the Tax Cuts and Jobs Act was signed into law, it increased the Standard Deduction for just about everyone, as well as did away with the ability to take some other deductions.

 

For Charitable contributions, you are now allowed to deduct up to 50% of your Adjusted Gross Income to a qualified organization,  and record it as an itemized deduction.  But you would need to have more itemized deductions than the Standard Deduction for your filing status, in order to make a difference in your taxes/refund. If you increase your itemized deductions, it will reduce your adjusted gross income, but won't necessarily turn into a direct dollar for dollar refund.

 

Click on your filing status in this link to see what your standard deduction is:  What is my standard deduction?

 

For example, if you are filing Single, you would need at least more than $12,200 in Itemized Deductions (including your donation) to make a difference to the bottom line of your tax return (or your taxes due or refund.)

 

 

 

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