Charity Contributions

Collapse
X
 
  • Time
  • Show
Clear All
new posts

  • Burke
    replied
    Originally posted by Lion
    What do you mean by no difference? If actually itemizing, charitable donations and mortgage interest do make a difference. If taking the standard deduction, then they do not make a difference.
    Perhaps OP means "makes no difference" because the software is defaulting to the standard deduction, since TP's deductions do not exceed the standard (for MFJ). And yes, charitable contributions and mortgage interest are only deductible if you itemize.
    Last edited by Burke; 02-13-2019, 10:10 AM.

    Leave a comment:


  • spanel
    replied
    Originally posted by kathyc2
    Are you preparing returns for others for a fee?
    Wondering the same thing... This is basic tax return knowledge. Filing Status? Total Tax before you put the contributions in? Total itemizations before and after contributions?

    Chris

    Leave a comment:


  • Lion
    replied
    What do you mean by no difference? If actually itemizing, charitable donations and mortgage interest do make a difference. If taking the standard deduction, then they do not make a difference.

    Leave a comment:


  • kathyc2
    replied
    Are you preparing returns for others for a fee?

    Leave a comment:


  • TAXNJ
    replied
    The two items you mention are entered the same way as in prior years but with 2018 applicable updates/changes.

    NOTE”. for 2018 update/changes see TTB starting at 1-10 and IRS website regarding Standard Deducion and Itemized Deductions.

    Leave a comment:


  • mvp2885
    started a topic Charity Contributions

    Charity Contributions

    Hello. I am confused on something. I'm doing a client's tax return and they gave out at least $20,000 in charitable contributions, but it doesn't make no difference on their refund! Just to confirm, charitable contributions can only be used if they itemize? Does that apply to mortgage interest as well? I've done a few returns were mortgage interest is very high, and no difference. Thank you in advance.
    Last edited by mvp2885; 03-03-2019, 02:55 PM.
Working...