Bad news on income taxes for charitable contributions

debodun

debodun

SF VIP
Location
way upstate in New York, USA
I took my filing documents to my tax preparer this morning. I made sure to bring documentation of my charitable donations which amounted to $900. Last year I could deduct up to $300, but she said that is no longer the case.
 

I think we will do some Qualified Charitable Donations (QCD) for our RMD's, this year.
Previously only did after tax donations.
Either way, we don't see the Income. However, the QCD donation is not taxed, so we, the donater gives the full amount (tax=$0) and the recipient receives the full amount; IOW, Congress, is allowing you to give a direct donation (custodian to charity) without federal taxes. You cannot be the intermediary in this transaction. You direct the custodian to make the IRA distribution directly to the qualified charity.
Due Diligence.
 
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That deduction has been eliminated for 2022 tax year. Normally, the standard deduction is far more generous. This does not affect QCD's from and IRA.
 
Although I spend a substantial amount on charitable contributions, those along with other deductions still do not surpass the standard deduction which for me was $14,250. Therefore it's not worth it for me to itemize and the H & R Block Tax Cut program lets me know that. As for state taxes, most of my pension is not taxed nor is my SS, so I don't pay state taxes. If you are a senior citizen, your standard deduction may exceed your itemized deductions.
 
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OneEyedDiva said:
Although I spend a substantial amount on charitable contributions, those along with other deductions still do not surpass the standard deduction which for me was $14,250. Therefore it's not worth it for me to itemize. As for state taxes, most of my pension is not taxed nor is my SS, so I don't pay state taxes. If you are a senior citizen, your standard deduction may exceed your itemized deductions.
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That has been my experience as well, and keeping track of all these contributions proves to be a real nuisance.
 
Remy said:
Well that's not great news. I don't donate a lot. I recently donated to a cat sanctuary who's channel I follow on Facebook. Furball Farms.
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This is awesome! I can't imagine having to take care of so many cats and keep them happy at that! Bless you for donating and sharing Remy. I just might make a donation as well, now that I'm catified again. 😺
 
OneEyedDiva said:
This is awesome! I can't imagine having to take care of so many cats and keep them happy at that! Bless you for donating and sharing Remy. I just might make a donation as well, now that I'm catified again. 😺
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Thank you. They have over 300, mostly feral and unadoptable cats. Some have lost their ears due to frostbite. Some are abandoned strays and can be adopted out. I believe they are in Minnesota. I donated and bought one of their t-shirts to also support.

The floors are heated, that's why there are so many cats on the floor.
 
Remy said:
Well that's not great news. I don't donate a lot. I recently donated to a cat sanctuary who's channel I follow on Facebook. Furball Farms.
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Yes, I donated quite a bit last year, getting rid of my storage unit. Only to find out, I'm getting $0 for tax return. Not even my $300 comes back.

As I only got SS my income was very low (Less than $5,000) so I got nothing back on tax return, so not filing anymore.
 

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