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Itemized Deductions Schedule-A


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Old 06-30-2008, 02:44 PM
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Charitable deductions

How much money can you deduct each year for charitable donations? Also, is there a tax deduction for time spent volunteering for charitable organizations?



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Old 07-09-2008, 11:15 AM
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How much can you deduct for charitable contributions?

The amounts that a taxpayer may deduct for a charitable contribution is limited based on the IRS tax codes.

What are the limitation on charitable contributions?
1. In General, the amount of your charitable contribution deduction is limited to 50% of the taxpayer's adjusted gross income.

2. However, this may be limited to 30% or 20% of taxpayer's adjusted gross income, depending on the type of property you give and the type of organization you give it to.

3. There are additional limitations that the IRS has incorporated into the tax code as well. For instance, in the tax year 2007, the total of your charitable contributions deduction may be limited if the taxpayer's adjusted gross income is more than $156,400 ($78,200 if you are married filing separately).

Where is this deduction reported on the Individual Form 1040?
Your adjusted gross income is the amount on Form 1040, line 38.

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