Message Font: Serif | Sans-Serif
No. of Recommendations: 0
This is not a question but a comment. I have gone to great lengths the last two years to keep track of our charitable contributions that totaled about $6,500 in 2010 and $7,500 in 2011. I consider this to be a lot of donations and is more than 10% of our taxable income, but TurboTax says we should take the standard deduction of $13,600 ($11,400 + $2,200 because we are old) that larger, even totaling the real estate taxes, charitable contributions, medical expense (just paying Medicare-B and backup insurance comes to more the 7.5% of our AGI). So we don't file a Schedule A at all.

Why do I keep gathering all the items for Schedule A. I don't know whether to laugh or cry because doing all the accounting for Schedule A takes a lot of time as we are not talking about just two or three donations, for example. Actually three donations account for about 50% of our donations, but the others are an almost endless string of donations at $25, $50 or $100 a pop. I guess I like to know the total of our donations, but it is a lot of work to do so and has nothing to do with our taxes it turns out. And at that, I don't keep track of mileage for volunteer work and donations of clothing or other items and they certainly don't total thousands of dollars.

Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.