Include charitable donations in my taxes?

[flawed_ethics]

I know, I know, this thread will be a major turnoff (taxes and sex just don't mix), but it's been bugging me, so I gotta ask:

I donated some money to charity in 2003. I'd like to incorporate this into my tax return, but I haven't an idea where to start. The 1040 says I'd need to include it in itemized deductions (as opposed to the Standard Deduction), but does that mean I'd be better off taking the Standard Deduction if my itemized deductions add up to less? Do I need to complete a Schedule A (or whatever) to account for this?

Any advice would be much appreciated. irs.gov didn't help for squat.

 

[TNRkitect2b]

I know, I know, this thread will be a major turnoff (taxes and sex just don't mix), but it's been bugging me, so I gotta ask:

I donated some money to charity in 2003. I'd like to incorporate this into my tax return, but I haven't an idea where to start. The 1040 says I'd need to include it in itemized deductions (as opposed to the Standard Deduction), but does that mean I'd be better off taking the Standard Deduction if my itemized deductions add up to less? Do I need to complete a Schedule A (or whatever) to account for this?

Any advice would be much appreciated. irs.gov didn't help for squat.

MAJOR QUALIFIER. I am not a Tax Professional.

That said, the way i understand the tax system is that charitable contributions can be claimed under the itemized deductions. Yes, If the itemied deduction is less than the standard deduction, you are better off taking the standard one. Yes this meansthat the contribution does not count towards your taxes, but unfortunaltely that is the way the numbers add up.


A suggestion I have is to go and buy some tax software such as TurboTax or TaxCut or tthe like. They have a series of questions that they ask you and will help you find the best way to file saving the most money. The average person doesn't need anything more than the Basic software, unless they own their own business or have a large number of investments.

My 2 cents

 

[Weird Harold]

Re: Re: Include charitable donations in my taxes?

A suggestion I have is to go and buy some tax software such as TurboTax or TaxCut or the like.

I'll second this suggestion.

I've used TurboTax in the past, and it's a matter of minutes to figure your tax both ways. If youdo the long form first, it will tell you that you'd better off taking the SD.

The Standard Deduction supposedly is based on the sum of charitable contributions, medical expenses, morgage interest, etc that the average person would claim.

I've never had any itemizable deductions that added up to the Standard Deduction, but then I'm not into investments or mortgages and don't have any serious medical expenses or the like either.

 

[flawed_ethics]

Okay, cool. I was hoping to get a little extra on my return by squeezing my way through the 1040, but so much for that. It's not a total loss though, because I've already gone through my 1040A, now all I need to do is finishe my state taxes.

Thanks guys!

 

[asiasiren]

I beleive that both turbo tax and tax cut offer you the opportunity to fill out your taxes on line with no charge untill your finalize them for electronic transfer or printing. Good place to just check and see if you can do something or not.

 

[morninggirl5]

TurboTax and several other companies will let you do your taxes for free online based on your income. I was not aware of this until a co-worker asked me to help her do her taxes with Turbo-Tax online.

Because of her income, we completed her Federal and State Returns and filed them at no charge. Her records are also kept on file with TurboTax free of charge.

 

[P. B. Walker]

Okay, cool. I was hoping to get a little extra on my return by squeezing my way through the 1040, but so much for that. It's not a total loss though, because I've already gone through my 1040A, now all I need to do is finishe my state taxes.

Thanks guys!

Unfortunately, you'll never get yourself a few more bucks back every year with chartible contributions. If you want to start getting money back, buy a house/condo. The taxes you pay from a mortgage will always get you money back... well at least for the first 10 to 15 years of a 30 year mortgage.

I would like to third the suggestion to buy a tax program. They are usually only about $30 or $40 and they totally save you time and effort. I've used TaxCut for the last 4 years and I'm usually done with my taxes in about 30-45 mins and yes I do have the mortgage and investments, etc, so I have to go thru the itemization.

 

[P. B. Walker]

TurboTax and several other companies will let you do your taxes for free online based on your income. I was not aware of this until a co-worker asked me to help her do her taxes with Turbo-Tax online.

Because of her income, we completed her Federal and State Returns and filed them at no charge. Her records are also kept on file with TurboTax free of charge.

Good point. I also found out that I could file my state taxes online for free last year... no matter what your income is.

 

[SlickTony]

I second and third what everybody says, to get Turbotax or something like it. I've been using it for the last several years.

I remember when they changed the tax laws so that you couldn't deduct charitable contributions unless you itemized. What the hell were they thinking?