If you itemize deductions for tax year 2024, you can deduct qualified donations for charitable, religious, scientific, educations purposes, or to prevent cruelty to animals or children.
The key is that these donations are deductible only if you itemize all your deductions on Schedule A of the form 1040.
Most taxpayers take the standard deduction, which is generous. The standard deduction has increased from tax year 2023. For example, married couples filing jointly are able to deduct $29,200 as the standard deduction. Single taxpayers can deduct $14,600 for 2024 taxes.
If you do itemize, charitable deductions are limited to up to 60 percent of the taxpayer's adjusted gross income.
The recipient of the donation must be a qualified organization that qualifies for tax-exempt status under federal tax law.
Contributions are only considered charitable if the donor receives nothing of value in return for the gift.
