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In 2017 we gave a gift annuity Samaritan's purse and they…

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In 2017 we gave...

In 2017 we gave a gift annuity tom Samaritan's purse and they gave us the amount of tax deduction we could expect, which we got. This was an unexpected allowable you allowed us above our allowable for charitable for charitable giving. This was allowed if we designated it for disaster relief in the Houston floods. My question is if we do this this year will it be allowed above our 50 or 60% allowable

Accountant's Assistant: Which tax year is the deduction for?

It will be for 2018

Accountant's Assistant: Anything else you want the Accountant to know before I connect you?

Looking at my last answer we got the deduction last year so if we give another gift annuity it will be for 2018.

Submitted: 1 month ago.Category: Tax
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Answered in 29 minutes by:
6/25/2018
Tax Professional: James Daloisio, Tax Attorney replied 1 month ago
James Daloisio
James Daloisio, Tax Attorney
Category: Tax
Satisfied Customers: 874
Experience: 24 years of continuing education and experience.
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Hi, my name is ***** ***** welcome to Just Answer.

The Disaster Tax Relief Act suspended the limits on charitable contributions made before 12/31/17. The provision expired on that date.

However, if you're in an eligible zone, the provision that suspended the 10% penalty for early withdrawals from retirement plans doesn't expire until 12/31/2018, if that's something you're considering.

Here's a link to the bill so you can read all of the provisions: https://www.congress.gov/bill/115th-congress/house-bill/3823

Hope that answered your question. Please don't forget to rate this answer. You may always return here with follow up questions on this topic at no additional charge. Thank you for using Just Answer.

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