i donated about $160 to united way this year. i only made about $8,000. since i work pt cuz im a college student. will this make any difference in getting me a bigger tax return or should i not even bother including it?
2006-12-29 01:15:07 · 6 answers · asked by dulcetcalamity 1 in Business & Finance ➔ Taxes ➔ United States
The purpose of charitable deduction is to bring yourself down to a lower tax bracket, In your case it won't make a difference, because your charitable deductions have to exceed 2% of your AGI (Adjusted Gross Income), and in your case it doesn't. So it's not worth bothering .
2006-12-29 01:36:34 · answer #1 · answered by Joonbug 3 · 0⤊ 2⤋
You can only deduct charitable contributions if you itemize. You have a choice of itemizing or taking the standard deduction that you're given automatically without having to detail out any deductions. This year the standard deduction is $5150 if you're single, so I doubt that you have enough other deductions to get a total higher than that.
If you're not still a dependent of someone else, like your parents, on an income of $8000 you won't owe any taxes and will get back anything that was withheld. If you are a dependent, then you'd pay some tax but not a lot.
2006-12-29 03:36:31 · answer #2 · answered by Judy 7 · 2⤊ 0⤋
Remember that in 2005 the tax law changed and any student and who can provide more than 'half' of their own support cannot be claimed by a parent. This got a lot of people last year...and they ended up owing money.
Typically if you donate to the United Way directly from your check it will show up on your W2 and will be added to the system when your taxes are filed.
But unless you have more than $5000 in deductions you are better off using your standard deduction. If you can be claimed by someone else your standard deduction is reduced.
2006-12-29 03:59:29 · answer #3 · answered by ~Just A Girl~ 3 · 0⤊ 1⤋
Well the standard deduction is $5,000 for single people and you only made 8,000.00. Plus you are a college student you will more than likely get all of what you paid in back anyway. If you pay someone to do your taxes, take it with you and see what they say. If there is an extra fee to include it on your taxes, then I wouldn't even bother. You can file the 1040EZ if you don't claim the contributions, but if you do claim it, you must file a 1040, which is a more complicated form.
2006-12-29 01:30:51 · answer #4 · answered by surelycoolgirl 5 · 1⤊ 1⤋
I supply to charity because of the fact it feels stable and that i've got the capacity to realize this. the actuality that it is likewise deductible is gravy. i'd nevertheless supply whether the deduction have been taken away because of the fact i think in the fee of giving which finally makes our society extra constructive. i do no longer think that God will negate my charitable giving because of the fact I took a deduction. in the grand scheme of issues, the forged we do a procedures outweighs the dollar fee of the deduction we derive from our contributions.
2016-12-15 10:33:00 · answer #5 · answered by ? 4 · 0⤊ 0⤋
No, it will not be advisable, since your standard deduction will be larger than if you itemize. Most likely, you are going to get all your withholding back at that income level, as long as you are not claimed as a dependent on some elses (parents) return.
2006-12-29 01:19:48 · answer #6 · answered by Anonymous · 1⤊ 0⤋