CHARITABLE CONTRIBUTIONS – Part One

Taxpayers are allowed a charitable contribution deduction only if the donation is made to a qualified organization.  For a list of qualified organizations, go to Tax Exempt Organization Search or the organization itself should be able to provide verification of its charitable status.

Qualified organizations include nonprofit groups that are religious, charitable, educational, scientific or literary in purpose or that work to prevent cruelty to children or animals.

The most common types of deductible charitable contributions are:

• Cash, check or money order given to a qualified organization
• Property other than cash or check given to a qualified organization
• Volunteer out-of-pocket expenses when serving as a volunteer
• Volunteer auto expenses (miles or actual) when serving as a volunteer

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For all cash contributions, the taxpayer must have a record (cancelled check, bank statement or credit card statement) showing the date and the amount of the contribution and the name of the charitable organization.

For contributions of $250 or more, the taxpayer also must obtain a written acknowledgement from the charitable organization stating that ‘no goods or services were received’ by the taxpayer in exchange for the donation.  If goods or services were received, the letter needs to state that.

For donations of property other than cash or check, the taxpayer must have a detailed list of all items contributed and the fair market value of those items. Clothing or household items must be in GOOD or better condition.  For a value guide, go to Goodwill donation calculator.

Taxpayers who are required to take a distribution (RMD) from their IRA account may use some or all of that distribution to make charitable gifts. These are called Qualified Charitable Distributions (QCD), and

• Must be made directly by the trustee of the taxpayer’s IRA to an eligible charitable organization
• The taxpayer must be 70 ½ or older at the time of the QCD
• All or part of the taxpayer’s required minimum distribution (RMD) may be included in the QCD
• QCDs are limited to $100,000 per taxpayer per year

If you choose to make QCDs, contact your financial institution for the appropriate forms to submit.  At minimum, you will need the name and address of the charity and the amount you wish to contribute.

For many taxpayers who no longer itemize their deductions, the use of the QCD will allow them to continue to contribute to their favorite charities and deduct their contributions while taking the standard deduction.