I gave away $60000 in charitable giving. How come my refund isn’t bigger?

A

agortmaker

Question

Refund

Forum|Forum|1 year ago
February 25, 2025
1 reply
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I gave away $60000 in charitable giving. How come my refund isn’t bigger?

X

xmasbaby0

How much tax was withheld from your income? You cannot get back more than the amount you had withheld.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

A

agortmakerAuthor

I had almost 24 k in federal tax.

SteamTrain

If it was cash, then it may be limited to 60% of your AGI. (not sure if the 100% of AGI is allowed for 2024)

If it was for long-term appreciated securities, those may be limited to 30% of your AGI

IF it was for various physical items, those may also have lower %AGI limits.

Unused amount (if limited by the above) will carry-over to be used next year.

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If you are using the desktop software, you can check the "Charity Contrib" worksheet to see if you have hit some limit.

IF you are using the "Online" software, you can also see that worksheet by creating a PDF of your tax file, with all the worksheets from the Print Center....but you'll have to pay for the software first.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*