How much is $100 donation to salvation army worth in the tax return?

Question

I will be donating some items to salvation army soon. I itemize and I am not sure that if I donate $100 to the salvation army in worth of good, how much do I get back, how does it work? Do I actually get back the whole $100 or is it $100 times my tax bracket?

Answer 1

You definitely don't get back the whole $100. If you itemize, you'd get the $100 times your tax bracket, so maybe $15 or $25. If you don't itemize, then you don't get anything off your taxes for the donation.

Answer 2

Unless your itemized deductions exceed your standard deduction, the donation won't be worth anything on your tax return as 99.9% of people will take the greater of their itemized deduction or standard deduction.

If $100 is going to be your only itemized deduction, well, that won't come anywhere close to exceeding your standard deduction.

However, don't let the tax implications of a donation change your mind about it. I'm not trying to tell you that you should donate, but I'm sure the Salvation Army and the people the Salvation Army help certainly could use all the help it can get.

Answer 3

If you do not itemize, you get no benefit from charitable donations.

If you itemize, a donation of $100 is worth at most $100 times your tax bracket. If could be less, even if you itemize. For example, if your itemizations are only $20 over the standard deduction, then the charitable donations are only worth $2 to $5 to you.

If your itemizations are more than $100 over the standard deduction, then the donation is worth $10 - $35 to you depending on your tax bracket.

Answer 4

It depends. You have to itemize your deductions in order to claim that $100.00 donation, and it's only worth it to itemize if your deductions are more than your standard deduction. Put it this way: Unless you own a home and can write off interest payments toward your mortgage and property taxes, you're better off taking the standard deduction. If you go that route, your donation won't affect your tax return at all.

If you do itemize, the $100.00 you donated is deducted from your taxable income. You don't get $100.00 knocked off of what you owe -- as you indicated, it would actually be $100.00 times your tax bracket.

Answer 5

$100 times your tax bracket. It is a deduction which comes off of your taxable income. This reduces the number you are calculating tax due on. A tax credit comes off of your tax payment which is a reduction of the amount of tax you have to pay. Unfortunately this will only net you at best a 1/3 or so.

Answer 6

People say that the flat deductible you get back usually is more than if you itemize.

Answer 7

$100. U name the amount (within reason of course)