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Old 12-26-2019, 12:21 PM   #1
JJ 101
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Default 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.
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Old 12-26-2019, 12:35 PM   #2
adjusterjack
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Default 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.
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Old 12-27-2019, 12:52 AM   #3
Lexus
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Default 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.
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