No announcement yet.

How much of my income can I give away to a nonprofit?

  • Filter
  • Time
  • Show
Clear All
new posts

  • How much of my income can I give away to a nonprofit?

    How much of my income can I give away to a nonprofit charity?

    is there any limit?
    I am 67 and have some serious health issues so I want to give away my income for 2020 to a charity I support strongly.

  • #2
    Re: How much of my income can I give away to a nonprofit?

    There is no limit on how much you can give away.

    There may be, however, a limit on how much of a tax deduction you can take.


    • #3
      Re: How much of my income can I give away to a nonprofit?

      There is a limit to the amount of all charitable contributions allowed during a tax year. The IRS imposes caps on the total value of charitable contributions that may be tax deductible in a given year—currently up to 60% of a taxpayer’s adjusted gross income (as of 2019). In order to deduct charitable contributions, you must make sure the recipient charity is a qualified organization under IRS rules. The ways you can contribute to charity, along with the limits and benefits of doing so, are varied and potentially confusing. The list of eligible entities includes organizations operated exclusively for religious, charitable, scientific, literary, or educational purposes; the prevention of cruelty to animals or children; or the development of amateur sports. Nonprofit veterans' organizations, fraternal lodge groups, cemetery and burial companies, and certain legal corporations can also qualify. Even a donation to a federal, state, and local government may be eligible if the donated funds money are earmarked for charitable causes. If you have any question about an organization, the IRS Tax Exempt Organization Search tool can help you verify its tax-exempt status.


      • #4
        Give for the love of giving, not just to get the tax break!



        • #5
          Yes indeed.
          Don't wait for a fortune cookie to tell you.
          In 2020 if you can give you should give.

          The world needs the help of those that have the resources.

          One indicator says giving to charitable organizations is down by 6% in the first quarter of 2020 compared to the same time last year, that according to the Fundraising Effectiveness Project’s 2020 First Quarter Report.

          Time to raise it back up!


          Previously entered content was automatically saved. Restore or Discard.
          Big Grin :D Frown :( Embarrassment :o Confused :confused: Smile :) Stick Out Tongue :p Wink ;) Mad :mad: Roll Eyes (Sarcastic) :rolleyes: Cool :cool: EEK! :eek:
          Insert: Thumbnail Small Medium Large Fullsize Remove  

          Do cats say meow or mooo?... (write the answer twice with an "@" between the words)

          widgetinstance 213 (Related Topics) skipped due to lack of content & hide_module_if_empty option.