Have a Tax Question? Ask a Tax Expert
Hello...my name is XXXXX XXXXX I am a Certified Public Accountant. I look forward to assisting you with your tax question.
Hello, do you need additional information to answer this question?
In order to take a tax deduction for cash contributions made to a qualified charitable organization, you must qualify to itemize your deductions by exceeding your standard deduction. The standard deduction for 2012 and single is $5,950 and $11,900 for married filing joint.
Generally, an individual's tax deduction is limited to 50% of their Adjusted Gross Income (AGI).
When a married couple files a joint return, the percentage limitations are applied against the couple's aggregate income.
An individual’s contribution base is the taxpayer’s adjusted gross income (AGI), computed without regard to the charitable deduction and any net operating loss carryback ( Code Sec. 170(b)(1)(G); Reg. §1.170A-8(a)).
OK, thanks, XXXXX XXXXX is just over 12,000. I worked in a church this year as clergy, I will be filing as a single person and will itemize.
Okay...do you know your total taxable income for the year?
This usually is your wages plus investment income, etc.
yes, about 70,000.
Great...then you should have no problem deducting the full $12,000 as an itemized deduction. The deduction will be listed on Schedule A of your personal tax return.
Wonderful. Thank you for this, and I don't have any other questions. Very helpful. Goodbye
You're very welcome! Thank you for allowing me to assist you. If you are completely satisfied with the service I provided you today, please provide me with positive feedback so that I may receive credit for my response. If you feel exceptional service was provided, bonuses are greatly appreciated. If I can be of further assistance, please let me know. Have a great day!