Try TurboTax Deluxe Tax Software - Big On Tax Deductions!

TurboTax ItsDeductible™
2019 Tax Deductions Support Tool

The TurboTax deluxe edition tax deduction finder platform can be enhanced with several other TurboTax tools that relate to particular areas of expenses you may incur during the year. The TurboTax ItsDeductible Tax Calculator can help you discover more tax deductions that can lower your overall taxable income.

Track charitable donations and contributions on-the-go and on your time with the TurboTax Mobile App.

Deducting Charitable Donations

Now you can easily keep track of donations as as there made so you're sure to be prepared when it's time for tax preparation

TurboTax ItsDeductible™ is a free, easy to use TurboTax Tax Tool that can be used online, or downloaded as a Smartphone App,

Use it to turn charitable donations into big tax deduction savings on your tax return.

For additional questions, TurboTax offers a secondary option with the AnswersXchange TurboTax online support.

How TurboTax ItsDeductible™ Works For You!

TurboTax ItsDeductible Features:

The TurboTax ItsDeductible Application works hand in hand with TurboTax Deluxe Edition and higher since lower editions do not support Schedule A which is needed for claiming charitable donation deductions on your tax return.

5 simple steps to import your charitable donation data from ItsDeductible into TurboTax Deluxe Software or higher

How to determine the fair market value of your donations

TurboTax ItsDeductible Determines fair market values by gathering selling price information from auction websites like eBay along with thrift stores and resale outlets throughout the U.S.

Information is collected every day from hundreds of thousands of completed eBay auctions in order to determine accurate valuations for items that are not normally found in consignment, and thrift shops.

This method of electronic and manual price-collection helps create a comprehensive, up-to-date database of values that comply with IRS guidelines. The IRS has defined fair market value as the sale price between a willing buyer and willing seller, where both have relevant knowledge of the item but neither is required to buy or sell.

These statistical calculations help determine low, medium, and high fair market values. This format checks the prices of similar-selling items from a variety of sources to get average values.

Valuations from non-profit stores like the Salvation Army and Goodwill are only used to supplement data gathered from consignment and specialty stores since non-profits represent bargain pricing for lower income shoppers and typically understate true market value.

Who Can I Make Charitable Donations To?

It's important to note that only donations to qualified charities are potentially deductible. This generally means 501(c)3 organizations though many religious organizations and government agencies may qualify as well.

What Type of Donations Are Deductible?

Deductible donations can include money and physical objects like clothes, household items, vehicles and more. Physical items must be in at least “good” condition to qualify.

What Proof Should I Have For Charitable Contributions And Donations?

You normally should receive documentation for every donation you make. All cash and physical donations above $250 are require to have a receipt to be credited as deductible.