Business and financial newsgroups
Sizeable abnormal charity giftby MS on 2005-03-10 14:20:33 I normally have about the same 1040 return every year. Adjusted Gross Income about$80K , Taxable about $39K due to below. Non-typically, for the first time, in 2004, we made a sizable financial gift to a charity. I got a letter from the charity acknowledging the gift. Now in Schedule A, line 15, instead of the usual cash gift of about $100, it reads for this year $25084. I used an * referring to the bottom page margin listed the FED ID# for the charity. This gift will make a big change in my normal numbers. I normally never any need to suppy any backup with my return. And certainly don't want to cause an audit, Advice? Sizeable abnormal charity giftby PAUL A THOMAS on 2005-03-10 17:47:38"ms" wrote >I normally have about the same 1040 return every year. Adjusted Gross >Income about $80K , Taxable about $39K due to below. > > Non-typically, for the first time, in 2004, we made a sizable financial > gift to a charity. I got a letter from the charity acknowledging the gift. > Now in Schedule A, line 15, instead of the usual cash gift of about $100, > it reads for this year $25084. I used an * referring to the bottom page > margin listed the FED ID# for the charity. > > This gift will make a big change in my normal numbers. > > I normally never any need to suppy any backup with my return. And > certainly don't want to cause an audit, > > Advice? Check to see what type of charity it is (50%, 30%, etc) as your total charitable contributions would be limited to some percentage of AGI for the year, with the excess charitable contribution carrying forward to 2005 and beyond. (another 5 years). Listing the FEIN of the charity may help abate any correspondence from the IRS. Other than that, have at it. -- Paul A. Thomas, CPA Athens, Georgia taxman at negia.net Sizeable abnormal charity giftby MS on 2005-03-10 17:00:39 Paul A Thomas wrote:> "ms" wrote > >>I normally have about the same 1040 return every year. Adjusted Gross >>Income about $80K , Taxable about $39K due to below. >> >>Non-typically, for the first time, in 2004, we made a sizable financial >>gift to a charity. I got a letter from the charity acknowledging the gift. >>Now in Schedule A, line 15, instead of the usual cash gift of about $100, >>it reads for this year $25084. I used an * referring to the bottom page >>margin listed the FED ID# for the charity. >> >>This gift will make a big change in my normal numbers. >> >>I normally never any need to suppy any backup with my return. And >>certainly don't want to cause an audit, >> >>Advice? > > > > Check to see what type of charity it is (50%, 30%, etc) as your total > charitable contributions would be limited to some percentage of AGI for the > year, with the excess charitable contribution carrying forward to 2005 and > beyond. (another 5 years). > > Listing the FEIN of the charity may help abate any correspondence from the > IRS. > > Other than that, have at it. > > Mike Sizeable abnormal charity giftby PHIL MARTI on 2005-03-11 12:36:01 "ms" wrote:>I normally have about the same 1040 return every year. Adjusted Gross >Income about $80K , Taxable about $39K due to below. > > Non-typically, for the first time, in 2004, we made a sizable financial > gift to a charity. I got a letter from the charity acknowledging the gift. > Now in Schedule A, line 15, instead of the usual cash gift of about $100, > it reads for this year $25084. I used an * referring to the bottom page > margin listed the FED ID# for the charity. Well, that was probably a waste of ink, but it won't hurt anything. It also won't go into the computer, so it won't prevent the computer's going "Huh?" I ran into the 50% limitation a few years ago because of contributions from inheritances, and I haven't heard a word. If they do want verification, you'll send them a copy of your check and the acknowledgement, and that will be that. -- Phil Marti Clarksburg, MD
"Sizeable abnormal charity gift" related threads:
|
