I forgot to deduct for a charitable contribution...?

Question

I donated to a charity in 2006 and forgot to list it on my taxes. Do I need to amend my return to get credit for this or can I claim it on my tax return next year?

Answer 1

You'll have to file an amended return to claim it. If you already itemized deductions or if the charitable deduction kicks your itemized deductions above your standard deduction it may be worthwhile to file an amended return.

Compare the hassle and cost of the amended return against the amount of tax you'll get back, though. It won't make sense to spend $50 (your time or a tax preparer) on an amended return for an additional $20 refund.

You cannot claim it next year, however.

Answer 2

If the donation is a material amount you need to amend. You must take the deduction in the year the contribution was made.

People that are trying to tell you how much money you would get back are clueless. How can they figure out dollar amounts, when they don't even know what tax bracket your in, let alone if you even itemized when you filed your return.

You may may not even be able to use this deduction for your 2006 1040 tax return, because your standard deduction may be bigger than your itemized deductions.

I've been a CPA for 20 years, without knowing the financial facts, I can only tell you that if you want to take this deduction you amend your return. I can't give you advice though if you should do this.

Answer 3

You can only deduct it in the year you actually made the contribution, can't just claim it the next year. So if it's enough to make a difference big enough to make up for the aggravation of amending your return, then yes, you can amend the return and claim the contribution.

Answer 4

You can only claim the deduction in the year that you made it

If you discover an error after your return has been mailed, you may need to amend your return. The service center may correct errors in math on a return and may accept returns with certain forms or schedules left out. In these instances, do not amend your return!

However, do file an amended return if any of the following were reported incorrectly:

your filing status
your total income
your deductions or credits

Use Form 1040X (PDF), Amended U.S. Individual Income Tax Return, to correct a previously filed Form 1040 (PDF), Form 1040A (PDF), or Form 1040EZ (PDF). If you are filing to claim an additional refund, wait until you have received your original refund (you may cash that check). To avoid penalty and interest, if you owe additional tax for a current year amended return, file Form 1040X and pay the tax by April 15 of the current year.

http://www.irs.gov/instructions/i1040x/index.html

http://www.irs.gov/pub/irs-pdf/f1040x.pdf

Answer 5

To begin with, you can only take a deduction for a charitable contribution if you itemize your deductions, not if you are using the standard deduction, which would leave the majority of people out. Most people do not have enough in itemized deductions to come close to being as large as the standard deduction. Also, it can only be claimed for the year in which it was made. The itemized deduction is one of many of the tax benefits that was put in place to help the rich pay less than their share of the tax burden.

Answer 6

Depends on the amount of your contribution. A $50 charitable contribution will get you another $8 back. So ask yourself if its really worth it.

Answer 7

Amend.

Answer 8

Depends on the size of the donation.
If it means you would only get back an additional $20 in tax then file it next year.

Answer 9

Yep...sorry. You have to amend this year's return.