Message Font: Serif | Sans-Serif
No. of Recommendations: 0
Oy, I guess I can see that. Only doesn't that completely eliminate any tax benefit I'm supposed to receive from giving a charitable contribution? (not that I itemize often)

Because my 1099-G income will offset my Schedule A contributions. My net effect will therefore be zero. And that's *only* if I itemize. If I do not itemize in the current year, but did last year, then I actually pay taxes on my contributions while receiving no tax benefit. I actually end up *paying taxes* on my charitable contribution amount.

If this is true, as nice of a concept as it is, then I think I'm done giving contributions through my return.
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.
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.