Instead of buying a lotto ticket, I donate $1 to schools. Can I get tax deduction/return on investment?

Question

If I give the money directly to schools, they get 100% of my money, instead of 34%. Can I deduct the full dollar from my taxes? Does my tax bracket enter into this at all?

Answer 1

You can probably deduct the full dollar if you are itemizing deductions. Make sure you are giving to a registered charity (PTA, Public School Foundation, etc.), although they won't bother checking for just $1.

Answer 2

Assuming that the school district is a recognized charity, then yes, you can take the amount given on your taxes if you itemize. You would need to follow the new IRS requirements for recordkeeping on the donations.

You don't deduct it from your tax - a deduction reduces your taxable income before your tax is calculated. So if for example your bracket is 25%, the dollar donation would save you 25 cents in taxes.

Answer 3

If you itemize to include charitable deductions and the school in question qualifies yes. I think the point about registered charities is correct.

It does not matter your tax bracket as much as if you have enough deductions to itemize. Get receipts for large donations and possibly a thank you for your support sticker or whatever for small ones.

Answer 4

we've 8 lines over 2 tickets. 3 on Saturday and 5 on Wednesday. it is an extremely undesirable theory to maintain to the comparable lines a week incredibly in case you have have been given the numbers committed to memory cos in case you ever can no longer/neglect to place them on one time they could come out and in case you checked, you would be attentive to. I desire we had fortunate dips a week! LOL Too previous due now. I by twist of destiny memorised them.

Answer 5

One dollar? Gee, that is a lot of money. Do you burn $3 a gallon in gas to drive it over there?