I have a question about deductible charitable contributions on my tax return. If I take the standard deduction do I have itemize my donation deductions?
No, if you take the standard deduction you do not need to itemize your donation deduction. However, if you want your deductible charitable contributions you must itemize your donation deduction on Form 1040, Schedule A: Itemized Deductions. It is important to know that you are choosing between taking the standard deduction and itemizing your donation deductions on Form 1040, Schedule A. You cannot do both. You will have to determine which deduction gives you the lower tax. The standard deduction is a dollar amount that reduces your taxable income. It is a benefit that eliminates the need to itemize your deductions. Your standard deduction is based on number of factors including your filing status. Most people benefit from the standard deduction when your standard deduction is greater than the amount of your itemized deductions.
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So how much will you get (or owe) this year? That’s the million-dollar question. We happen to have three very useful calculators to help you estimate your refund or balance due.