If I make a donation ($1,000) to a non-profit charity.?

Question

I know I will not get $1,000 off the taxes I owe, but what % of the $1,000 will the IRS credit me?

Answer 1

you only get it if you file with a schedule A and Itemize your deductions.
The receipt should be photocopied and sent as well. 1k cash donation can throw a red flag depending on the size of your AGI.
(and yes i would send a copy cause it would show the deduction with the proper ID number of the charity) I know it is not required.
Just looks better to me .
If you own a home and pay a mortgage have high medical costs
usually you always file a schedule A.
however if you rent and have no other eligible deductions
then the donation will serve no purpose.

Answer 2

That depends on your tax bracket. The most common bracket is probably 15%, in which case you'd get $150 back from your taxes due to a $1000 contribution.

This is only if you itemize. If you don't, you don't get any tax benefit.

Answer 3

Any donation to a charity is deductible but only if you choose to use your itemized deductions over your standard deductions. Usually for most people they haven't had a lot of itemized deductions so they just use their standard deductions.

Answer 4

First we need to know if you itemize your deductions or if you use the standard deduction. if you itemize, then you can possibly include this donation. (the non-profit has to be approved by the IRS--ask them if they are.) if you use the standard deduction, then you do not get a separate deduction for the donation.

Answer 5

The $1,000 is a deduction, so it would reduce your income by the same amount. The actual reduction in your taxes would be based on your marginal tax rate.

Answer 6

don't listen to Robert - DO NOT send in any documentation regarding the contribution. It's not required.