I'm sixteen and I donated $800 to charity. I don't pay taxes but do I get any kind of credit or can my parents get any sort of tax break. It doesn't matter all that much but I am curious.
2007-12-29 07:02:43 · 5 answers · asked by Lisa 2 in Business & Finance ➔ Taxes ➔ United States
Since you made the donation and don't have enough income to even file a return, nobody gets anything.
Donations only reduce your taxable income and only if you itemize your deductions. They are not a refundable credit which is what they would have to be for you to get anything.
Uhhh... And ignore the rantings of "Al Mac Wheel". He obviously knows nothing about income taxes in the US. There is no requirement to file a tax return if your income is less than the filing requirement amount for your filing status. Nor do you report gifts received, regardless of the amount.
2007-12-29 07:13:15 · answer #1 · answered by Bostonian In MO 7 · 4⤊ 1⤋
Good for you, to be donating to charity at your age!
No, you would only get a tax break for it if you owed any taxes, and then only if you itemized which you probably wouldn't.
And if you made the donation, not your parents, no they can't get a tax break for your donation.
2007-12-29 19:15:11 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
You didn't have any income this year, so where did the money come from? gifts from relatives, etc? If you made the donation in that person's name, they could claim the tax deduction. If the donation is in your name, and you earned no income this year, then it won't help you tax-wise at all, because you didn't pay any taxes.
2007-12-29 15:09:54 · answer #3 · answered by Anonymous · 0⤊ 2⤋
The fact that you somehow got $ 800.00 to give to charity without paying any taxes implies that you could be in trouble with the government for not filing any tax return.
ANYONE who gets ANY INCOME from ANY SOURCE is supposed to file income tax forms. Your parents may have been filling out the paperwork on your behalf without you knowing about it. Better ask.
If you have a bank account that pays interest ,,, you owe taxes on that.
If you have a job, or part time job that pays wages ... you owe taxes on that.
If you gamble and win anything ... you owe taxes on that ... you cannot deduct your losses, and only pay tax on the "profit" (winnings in excess of losses).
If you buy or sell any stuff ... you owe taxes on the money you got ... you cannot deduct so as to only pay tax on profit ... the tax is on the gross.
If your parents give you some kind of allowace ... you owe taxes on that.
At your age, you probably will get refunds from the government on the taxes that got withheld from your various income sources. The sooner you start filing tax returns so that you can get your refunds, the better off you will be.
2007-12-29 15:18:03 · answer #4 · answered by Al Mac Wheel 7 · 0⤊ 9⤋
No and no.
2007-12-29 16:39:22 · answer #5 · answered by StephenWeinstein 7 · 0⤊ 0⤋