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General Category >> Politics, Religion (Tall Table) >> $$$$$ question.
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Message started by raydawg on 02/14/20 at 09:43:43

Title: $$$$$ question.
Post by raydawg on 02/14/20 at 09:43:43

Finishing up my taxes ( love turbo tax ) haven't filed yet, and I have a question, maybe one of you guys know.
We did really well, maxed out our IRA's, no debt, other than our house payment, a very positive income stream.

The question: I can share some of my good fortune, beyond my normal contributions, is donating to a political campaign tax deductible? I never have before in all my life, done that, but I feel if it is ever needed it, now is the time to do so.....

Thanks :)

Title: Re: $$$$$ question.
Post by raydawg on 02/14/20 at 09:47:37

Oh.....I found my answer. Gee, I was always under the impression it was, somehow. Makes me wonder about some of those HUGE donations we hear about..... :o :o :o :o

In addition to showing your support by voting in the 2020 election, you may have also chosen to make a financial contribution to your candidate of choice during their campaign.

Though giving money to your candidate of choice is a great way to get involved in civic discourse, political donations are not tax deductible. According to the IRS: “You can’t deduct contributions made to a political candidate, a campaign committee, or a newsletter fund. Advertisements in convention bulletins and admissions to dinners or programs that benefit a political party or political candidate aren’t deductible.” This includes Political Action Committees (PACs), as well.

While you can’t write off campaign contributions, you can set aside $3 of your taxes to go to the Presidential Election Campaign Fund on your 1040 federal income tax return.

Political Contributions Limits
If you still want to financially support a candidate or party, here are a few things to keep in mind when you make your contributions. According to the Federal Election Commission, an individual may donate:

up to $2,800 per candidate per election
up to $10,000 to state, district and local parties combined each year
up to $106,500 to a national political party, per account, per year
In addition, individual donations to issues-orientated political action committees (PACs) are capped at $5,000 per year.