Charitable Contributions


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Charitable Contributions

Money or property donated to a qualified charitable organization. Such donations are deductible, subject to income limits, on Schedule A as itemized deductions.
References in periodicals archive ?
People should consider making extra charitable contributions as 2017 winds down, to take advantage of the deductions still in place for this tax cycle, according to reporting by both Forbes and The Washington Post.
Internal Revenue Code (IRC) section 170(a)(1) allows taxpayers to deduct charitable contributions, but federal income tax deductions--including the charitable contribution deduction--are a matter of "legislative grace.
For regular tax purposes, the $50,000 of current-year charitable contributions is first applied, with $50,000 of the prior-year carryover then applied.
TIGTA then extrapolated from the samples to estimate the potential extent and revenue cost of unsubstantiated noncash charitable contributions for all taxpayers for 2010.
However, in 2010, charitable contributions were an estimated $290.
Total charitable contributions to American colleges and universities in 2007: 29.
The PPA has a "charitable rollover provision" which offers taxpayers who are 70 1/2 or older the opportunity to make charitable contributions directly from their IRA accounts without realizing income.
This change lowers their tax liability and the charitable contributions lower the account value, which in turn reduces future required minimum distributions.
Charitable contributions served to indicate community support and could therefore encourage government funding.
Their required minimum distributions (RMDs) are taxed anyway, so a QCD may substitute for some other charitable contribution they would otherwise make.
The council's Committee on Rules, Elections and Intergovernmental Relations endorsed a requirement that lobbyists disclose, in quarterly reports, any charitable contributions of $1,000 or more made at the request of an elected official.
The Division of Ratepayer Advocate (Ratepayer Advocate) appeals from the part of a final decision of BPU, which allowed respondent New Jersey-American Water Company (American Water) to include fifty percent of its charitable contributions in the operating expenses used to determine the rates it charges customers for service.