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What is the maximum amount donation for tax deduction to a non-profit organization? Need answers fast, please!?
I've heard the for a single person it is $250, but I am still unsure of the matter. Thank you in advance.
i realize that it is limited to my A.G.I. and you are required to have proof for an amount of $250 or more, but is there a key amount for a donation for it to show up on both my state and federal returns?
4 Answers
- travelguruetteLv 61 decade agoFavorite Answer
There are 30% and 50% organizations. It must be a registered charity. A 30% organization you can donate up to 30% of your income or a 50% organization up to 50%. You cannot do both 30 and 50%. You must be qualified to itemize and it is not a dollar for dollar write off. For state, you are already getting it counted because you use your federal adjusted income as your state income.
- xtraheavy01Lv 51 decade ago
1)but is there a key amount for a donation for it to show up on both my state and federal returns?
NO
- JudyLv 71 decade ago
The most you can deduct for charitable contributions for the year is half of your AGI, so that's not likely to be a problem. That's for federal. For many states, you get no tax benefit from a charitable contribution.
- Anonymous1 decade ago
Cash, it's limited by your AGI (1/2). However, to deduct contributions you need proof you paid the money and a confirmation letter from the charity if it's more than $250.
And, this is a big deal, if you have to be able to itemize to see your tax bill go down.
IRS pub 526.
If you are single and don't already itemize, you need more than $5450 to see a difference.
