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John Burnside

How come my charitable gifts are no longer deductible?

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Deducting Charitable Contributions

Changes in the new tax law means it’s less likely you can deduct charitable giving from your taxes.

Standard deductions were basically doubled as a result of the Tax Cuts and Jobs Act of 2017.

Standard Deductions

Filing Status  2017 2018 2019
Single $6,350 $12,000 $12,200
Married Filing Jointly $12,700 $24,000 $24,400
Head of Household $9,350 $18,000 $18,350

If you are 65 or older you can increase your standard deduction by $1,600. If you file jointly on your marriage this amount will be $1,300 if one person is over 65, and $2,600 if both are over the age threshold.

As a reminder, you claim the larger of the standard deduction or the total of your itemized deductions. Since charitable gifting is an itemized deduction, the threshold of exceeding $24,400 is much harder for a typical US Household.

 

Disclaimer

If legal, tax, or other professional advice is required, the services of a competent professional should be sought. This post should not be considered investment advice. This information is subject to change and/or be edited. Past performance is not a guarantee of future results.

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