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What is the maximum amount an individual can donate per year to a charity?
Wiki User
∙ 13y ago
You do not have any limit on the maximum amount that you can donate to a qualified charitable organization.
IF you want to know the LIMITED amount for the deduction on your schedule A itemized deduction of your 1040 income tax return the amount that can be deducted each year is limited by several different things. One of which would be your adjusted gross income on the 2009 federal income tax return LINE 38.
This is in addition to the other limits described here. See the instructions for Schedule A (Form 1040) for more information about this limit.
Go to the IRS gov web site and use the search box for PUBLICATION Charitable Contributions and go to chapter 1 INDEX and then go to L
Legislation, influencing, Contributions From Which You Benefit
Limits on deductions: Limits on Deductions
20% limit, 20% Limit
30% limit, 30% Limit
50% limit, 50% Limit
Calculation, How To Figure Your Deduction When Limits Apply
Capital gain property, Special 30% Limit for Capital Gain Property
Qualified conservation contributions, Special 50% Limit for Qualified Conservation Contributions
Wiki User
∙ 13y ago
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What form do you file first as you have not filed for 501C3 status yet and need to do taxes on fundraised money which has already been given to cause and need to know?
Unless other arrangements have been made with the Charity, the one/Co that raised the money has taxable income for the amount raised, and likely a charitable deduction for the amount donated (presuming it was donated to a QUALIFIED charity). Those giving the money did not donate to a charity and do not have any deduction.
What is the maximum amount an individual can donate to a charity in a single year?
You do not have any limit on the maximum amount that you can donate to a qualified charitable organization.IF you want to know the LIMITED amount for the deduction on your schedule A itemized deduction of your 1040 income tax return the amount that can be deducted each year is limited by several different things. One of which would be your adjusted gross income on the 2009 federal income tax return LINE 38.This is in addition to the other limits described here. See the instructions for Schedule A (Form 1040) for more information about this limit.Go to the IRS gov web site and use the search box for PUBLICATION Charitable Contributions and go to chapter 1 INDEX and then go to LLegislation, influencing, Contributions From Which You BenefitLimits on deductions:, Limits on Deductions20% limit, 20% Limit30% limit, 30% Limit50% limit, 50% LimitCalculation, How To Figure Your Deduction When Limits ApplyCapital gain property, Special 30% Limit for Capital Gain PropertyQualified conservation contributions, Special 50% Limit for Qualified Conservation Contributions
What is pledge payable?
This question actually caught my attention. The term payable is something a company "owes" but has not yet paid. Pledge, I am gathering, would be literally a "pledge" to pay a certain amount to perhaps a Charity or some other cause.Many Charities have "Pledge" drives to raise money and occasionally companies make "Pledges" to donate a certain amount. If they record this in their books as a payable, it's safe to assume that they "PROMISE" or "PLEDGE" to donate this amount and are recording it in their books as a Payable.
What does it mean to have a charitable number?
A charitable number is something that a charity can register for through the IRS. This means that the charity will not have to pay taxes and those who donate to charities can make their donations tax deductible.
How much do you pay in taxes earning 240000 per year?
That depends on the amount of children you have, if you own your own home, if you donate money.
Where could a charity list to donate to be found?
Once an individual decides which charity they wish to donate funds or items to, then the charity list to donate will be found on their webpage. Such forms are included commonly on research groups for illnesses like Multiple Sclerosis.
Is there any way for an individual to get a donated car?
It is possible for an individual to get a donated car. A family member or potentially a charity can donate a car to an individual.
What kind of a tax write off do you get when you donate a car to charity?
Generally speaking the tax deduction for a donated vehicle is $500. However, if the vehicle's fair market value is more than $500, then it depends on how the donation is used by the charity. If the vehicle is sold by the charity, the maximum write off is the amount of money the charity received.
What are some tips about how to donate a car to charity?
The best way to donate your car to a charity is first pick out a charity you want to donate to. Contact the charity by phoning them or looking them up online and ask if they are accepting donations. When inquiring about your car donation be sure that the donation will go directly to the charity you want to donate to.
What is the maximum amount of electrons an atom can donate and why?
1, because it will make the atom become unstable.
Can I get a tax write-off for donations of cars under $1000?
Yes, if you donate a car to charity, you can get a tax write-off. $1000 is well below the maximum you are allowed to get. yes but under the new rules the deduction is limited to the amount of the actual selling price of the vehicle. When the charity sells the car they notify you how much they sold it for.That is your tax deduction amount.
How much should you donate in memory of an aquaintance?
Your choice. Donate directly to the charity or organization indicated, and they will send a card saying was a donation was made by you to the receipient , but they will not specify the amount . If your not sure, say please don't mention the amount .
How can you donate your used car to charity?
You can donate your used car to charity by contacting your local church or by calling the organization who's charity you support. You can also ask people in your community to help you host an auction and donate the money from the car to the charity of your choice.
Where can one find information about a good charity to donate for?
The Charity Navigator is a good website to find information about a good charity to donate to. They evaluate the many charities to help one decide which ones are the best to donate to.
Where can one find cars to charity?
There are multiple ways to donate a car to charity. There are multiple organizations, such as Kars4Kids and Cars4Veterans that offer services for you to donate your car. It all depends on which type of charity you want to donate to. Hope this helps!
How can I donate my car to charity?
User99: You can donate your car to charity by first finding a charity you like, you can also research your charity of your liking by going to Charity Navigator. Once you find your charity make sure its an IRS-approved 501(c)(3) organization, donate your car and make sure you keep all records for the IRS.
Can I save on my taxes by giving a vehicle donation to charity?
You can take a deduction for the price at which the donated vehicle was auctioned on behalf of the charity. The charity to which you donate will arrange to have the car auctioned. The charity will be notified of the money raised by the sale. You will then receive this notification. This is the amount you can use as a deduction.
