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$$$$$ question. (Read 22 times)

raydawg

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$$$$$ question.
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

“The biggest big business in America is not steel, automobiles, or television. It is the manufacture, refinement and distribution of anxiety.”—Eric Sevareid (1964)

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raydawg

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Re: $$$$$ question.
Reply #1 - 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..... Shocked

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.

“The biggest big business in America is not steel, automobiles, or television. It is the manufacture, refinement and distribution of anxiety.”—Eric Sevareid (1964)

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