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Message
Just curious, how much do y'all claim for Charitable Donations?
Posted on 1/26/17 at 3:07 pm
Posted on 1/26/17 at 3:07 pm
I was doing some research and the chart I found on Montley Fool said for within the AGI range of $100,000-$200,000 people on average claim $4,130. This is calendar year 2014 data. That seemed kind of low to me for that income range. So I'm just wondering what some of y'all claim. Also where do you fall within the income range in the chart inside the link?
Those number came from this link.
Those number came from this link.
This post was edited on 1/26/17 at 6:31 pm
11
Posted on 1/26/17 at 4:15 pm to Hammond Tiger Fan
usually over 10% of my gross income...
Posted on 1/26/17 at 4:54 pm to tigeraddict
quote:
usually over 10% of my gross income...
impressive.
We are right about $5-6k.
This post was edited on 1/26/17 at 4:56 pm
Posted on 1/26/17 at 4:55 pm to Hawkeye95
Are these real donations?
Posted on 1/26/17 at 4:57 pm to dj30
quote:
Are these real donations?
absolutely.
Posted on 1/26/17 at 6:19 pm to Hammond Tiger Fan
4-5K
Posted on 1/26/17 at 8:41 pm to Hammond Tiger Fan
Not much at all. I mostly give straight to people who need it. No church and very little charity. Too much fraud and waste.
Posted on 1/26/17 at 8:59 pm to cfa626
Sure, some charities aren't on the up and up. But plenty of others are working toward amazing things....some of my money goes to the Rotary international foundation, which has worked to end polio worldwide. Thanks to,the money ppl give to this project, polio has been nearly eradicated worldwide. Just 22 cases last year. It's nice to be a part of solving big problems too.
Posted on 1/26/17 at 10:30 pm to cfa626
quote:
No church and very little charity. Too much fraud and waste.
Pretty terrible generization of the hundreds of thousands of charities and foundations in the US.
OP - about 50% of the income earning public is charitable. And of that 1/2 a significant number of them are not overly charitable (less than $500/yr) so that's where you arrive at that number from the IRS.
Posted on 1/26/17 at 11:22 pm to Hammond Tiger Fan
No mortgage for several years, so do not itemize. Deducting donations went away when we quit itemizing.
They should change that law.
Financially responsible people who pay off their mortgage are punished by taking away, in most cases, their charitable deductions. People who pay a ton of mortgage interest get rewarded. I guess it helps the housing industry by encouraging big mortgages. But it hurts charities.
They should change that law.
Financially responsible people who pay off their mortgage are punished by taking away, in most cases, their charitable deductions. People who pay a ton of mortgage interest get rewarded. I guess it helps the housing industry by encouraging big mortgages. But it hurts charities.
Posted on 1/26/17 at 11:37 pm to Twenty 49
quote:
But it hurts charities.
Tax deductions are way down the list of reasons why people give.
Posted on 1/27/17 at 5:18 am to Twenty 49
I agree that charitable contribution deductions should be available to non itemizing filers. But beaucoup philanthropic research documents the fact that people of lesser means give more proportionally than the wealthy. There are LOTS of retirees/little old ladies who give very generously to churches and other causes.
Posted on 1/27/17 at 7:52 am to Hammond Tiger Fan
From your link:
These all sound extremely high to me. Is that what people are seriously donating on average? I do the standard $500 "donation" of clothes to Goodwill and then also a few organizations that I care about that I give to yearly. Still puts me well under the giving average for people making under $25k. I find that hard to believe.
ETA: and yes I understand these averages are only based on those who itemize.
quote:
Adjusted gross income: Under $25k
Average charitable donation: $1874
Adjusted gross income: $25k-$50k
Average charitable donation: $2594
Adjusted gross income: $50k-$75k
Average charitable donation: $2970
Adjusted gross income: $75k-$100k
Average charitable donation: $3356
These all sound extremely high to me. Is that what people are seriously donating on average? I do the standard $500 "donation" of clothes to Goodwill and then also a few organizations that I care about that I give to yearly. Still puts me well under the giving average for people making under $25k. I find that hard to believe.
ETA: and yes I understand these averages are only based on those who itemize.
This post was edited on 1/27/17 at 7:55 am
Posted on 1/27/17 at 8:06 am to Hammond Tiger Fan
We donate about 10% after we pay Caeser and pay ourselves retirement
This post was edited on 1/27/17 at 8:08 am
Posted on 1/27/17 at 9:09 am to Golfer
quote:
Tax deductions are way down the list of reasons why people give.
But it's way up on my list of excuses why I don't donate a buck at the cash register at Walgreens. Why should they get to write off millions in flow-through charitable donations?
Posted on 1/27/17 at 9:49 am to PhiTiger1764
quote:
Just curious, how much do y'all claim for Charitable Donations?
Depends on how much I give in that particular year.
quote:
These all sound extremely high to me
I'm sure it is an average of deductions from people that actually claim their charitable deductions. My wife never claimed hers before we were married, now I make her track everything and get receipts. We have some years that we deduct more than the average, and we have some years where we barely hit 50% of that mark. Just depends on the spring cleaning and/or if we decide to update a room. I don't throw shite out, I'll have one of the Veterans programs come pick it up. Whatever they don't want I dump at Goodwill.
Posted on 1/27/17 at 9:51 am to GaryMyMan
quote:
But it's way up on my list of excuses why I don't donate a buck at the cash register at Walgreens. Why should they get to write off millions in flow-through charitable donations?
Agreed. I don't give to these programs.
Posted on 1/27/17 at 9:57 pm to GaryMyMan
quote:
But it's way up on my list of excuses why I don't donate a buck at the cash register at Walgreens. Why should they get to write off millions in flow-through charitable donations?
You should have been at Chevron with me when I declined to donate to Wounded Warriors and was met with an indignant and loud, "You don't support the troops!?"
Since she went overboard with it, I went on a rant about Chevron taking tax and social credit for customer shakedowns, etc. The gal was a bit stunned,
That said, I gave WW $200 before I found out they were largely a scam.
Now I give that money to a similar but legit charity.
Posted on 1/27/17 at 10:06 pm to Hammond Tiger Fan
$700
Posted on 1/27/17 at 10:08 pm to Hammond Tiger Fan
12-13% of gross.
We are blessed to be living in this great country
. You're all wealthier than you realize.
We are blessed to be living in this great country
. You're all wealthier than you realize.
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