ok i want to donate 200 dollars to a local highschool basketball team, they said i would get a reciept to deduct it from my taxes, so exactly how much of that money will i get back?
2007-03-31 12:25:24 · 5 answers · asked by Not Hispanic, MEXICAN! 1 in Business & Finance ➔ Taxes ➔ United States
you don't get a portion of the donation back, the donation reduces your taxable income it you itemize your deductions of the Schedule A rather than taking the Standard deduction for your filing status
2007-03-31 12:31:53 · answer #1 · answered by Anonymous · 2⤊ 0⤋
You wont necessarily get it back unless you get income tax refunds BUT you get to use the full 200.00 amount as a deduction while doing your taxes IF you itemize and do not use just the standard deduction. If you are over the standard deduction due to all of your itemizing, then you are in good shape. Otherwise the 200.00 will not make much of a difference.
Just make sure you get the receipt.
I would not let this stop you though from donating. Schools are all struggling meaning athletic departments are struggling too so any money is a gracious gift given. Athletics keep kids out of trouble and lead them down a road to success.
I do not work at a school. This comes from someone in a small town that has a school that struggles to keep itself in the black and whose athletic department is one to be admired.
2007-03-31 19:32:46 · answer #2 · answered by Kris 3 · 1⤊ 0⤋
If you have enough deductions to itemize, then your taxes will decrease by a percentage of the donation that equals your tax bracket. For most people that's 10 or 15%, so you'd probably save $20 or $30 on your taxes. If you have a high income, it might be more.
2007-04-01 01:26:23 · answer #3 · answered by Judy 7 · 2⤊ 0⤋
You will not get any of the $200 back, but you will be able to "write off" the donation when filing your taxes. For example, if taxes were not withheld from your paycheck, and you owed $550, you would be able to deduct the $200 and only owe $350. If your taxes were withheld, and lets assume they kept $1000 but initially you were only eligible to get $500 back, you could submit the donation and you would get $700 back.
Now, there probably IS a limit as to how much of a deduction you will get from donations. I'm sure you can't write off all of your taxes due to donations. And, for example, if you owe NO taxes or get a full return, the $200 will not change anything.
2007-03-31 19:39:45 · answer #4 · answered by Wildernessguy 4 · 0⤊ 2⤋
Depends on your tax bracket. If you are in the 15% bracket, you will benefit by about $30.
2007-03-31 20:17:13 · answer #5 · answered by Anonymous · 0⤊ 1⤋