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.
Related Resources
If you need help handling an estate, we're here to help. Learn how to file taxes for a deceased loved one with H&R Block.
Choosing the wrong filing status is a common mistake. Do you know what your tax filing status is? Read on to learn about filing statuses with H&R Block.
From retirement account contributions to self-employment expenses, learn more about the five most common tax deductions with the experts at H&R Block.
Getting married? Having a baby? Buying a house? Go through your life events checklist and see how each can affect your tax return with the experts at H&R Block.