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.
Looking for more information about your Vermont refund? Find out details on how to check your refund status, who to contact, and more from H&R Block.
Learn whether you can deduct sales tax on the purchase of a used car with help from the tax experts at H&R Block.
Do you earn an income in Pennslyvania? If you answered yes, read on to find out more about how and when to pay your PA income tax.
Looking for more information about your Kansas refund? Find out details on how to check your refund status, who to contact, and more from H&R Block.