2007-07-23 01:58:30 · 6 answers · asked by Emerald Jones 5 in Business & Finance ➔ Taxes ➔ United States
Whether or not you can deduct charitable contributions on your state return depends on what state you live in, so it is going to vary. I know where I live the only type of charitable contribution that can be deducted are those that citizens make to state colleges.
On your federal return, you can only deduct charitable contributions if you itemize your deductions on form Schedule A. If one doesn't have enough to itemize then they are out of luck. I believe there was some some talk of introducing legislation in congress to add an "above the line" adjustment for charitable contributions that everyone would be able to take regardless if they itemize or not, but I haven't heard anything about it in over a year. Naturally there are a lot of non-profits that are in favor of this because they believe it will motivate even more people to donate.
I imagine that if such a thing were to ever pass it would have a very low cap and whatever anyone gave in excess to the cap could only be claimed if they itemized, but we may not see such a thing on our tax returns for a while.
If you do itemize and you are going to take the deduction then there are a few criteria you and your donation need to meet. See the two publications linked below for more information. You can also call the IRS toll free at 1-800-829-1040 and they may be able to answer any specific questions you may have.
2007-07-23 02:27:39 · answer #1 · answered by Mr. Zimmer 3 · 0⤊ 1⤋
Federal form, you have to itemize in order to claim thithes and offerings, and you would report this on Schedule A - Itemized deductions - gifts to charity. Your state might or might not also allow this claim. I've attached a link to irs guidelines for charitable contributions.
2007-07-23 09:23:52 · answer #2 · answered by Anonymous · 2⤊ 0⤋
On your federal return, you show charitible contributions on Schedule A and use form 1040 if your itemized deductions are more than your standard deduction. Otherwise, you wouldn't itemize so wouldn't get a specific tax benefit from the contributions.
2007-07-23 10:08:56 · answer #3 · answered by Judy 7 · 1⤊ 1⤋
Form 1040 Schedule A is for itemized deductions for charitable contributions. The total figure along with medical expenses in excess of 7.5% of adjusted gross income, taxes, home mortgage interest and various job related and miscellaneous expenses must total more than the standard deduction the IRS allows. Various states has deduction or credits for certain contributions (ie, homeless shelters, food banks).
2007-07-23 09:29:05 · answer #4 · answered by IRENE THE BOOKIE 3 · 0⤊ 2⤋
To claim charitable giving, you must itemize your deductions. It isn't on any one form. Unless you own your house and have sizable income, taking the standard deduction is usually better.
2007-07-23 09:06:50 · answer #5 · answered by Sharon M 6 · 1⤊ 1⤋
There is a place for contributions/charities.
The IRS allows an automatic set figure but if your numbers are greater, then you can itemize them.
2007-07-23 09:08:35 · answer #6 · answered by ed 7 · 0⤊ 5⤋