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Question: Will my Tax Refund reflect the exact amount I contributed to charity?

I gave around $500 worth of stuff to Goodwill and received the receipt. When I file taxes, assuming that I do not owe anything, will I get exactly $500 back in my return?

Answer: 1. If you don’t owe income tax, a charitable contribution won’t give you a refund.

2. If you do owe income tax, a charitable contribution only works if you itemize. 70% of taxpayers DON’T, the change to their tax return is $0.

3. If you do owe and you do itemize, the $500 MIGHT be worth $50 if you are in the 10% tax bracket.

Mountain rescuers’ tax refund call

THE Treasury is facing increased pressure to refund tax-es to mountain rescue teams in the wake of the November floods and the winter freeze.

Recovery Rebate Credit

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