2022 TAX BENEFITS
Missouri State Donation Tax Benefits
The State of Missouri allows for taxpayers who donate cash to a food pantry, homeless shelter, or soup kitchen to claim a tax credit. The credit claimed shall equal 50% of the value of the contribution or donation made. Credits cannot exceed $2,500 per taxpayer per year.
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Please call Andy Bundesen, Director of Development, at (314) 231-8209 and we will make sure to send you a signed Form MO-FPT that you can utilize when filing your 2022 taxes.
For more details on the Form MO-FPT, please visit the Missouri Department of Revenue website.
Federal Tax Benefits
The Taxpayer Certainty and Disaster Tax Relief Act extended some tax changes originally enacted by the Federal CARES Act.
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For donors who do NOT itemize their deductions:
The Act permits individuals who take the standard deduction to claim a limited deduction for their charitable contributions on their 2022 federal income tax returns. Individuals, including married individuals filing separate returns, can claim a deduction of up to $300 for cash contributions made to qualifying charities during 2022. The maximum deduction is increased to $600 for married individuals filing joint returns.
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For donors who DO itemize their deductions:
Individuals who itemize may generally claim a deduction for charitable contributions made to qualifying charitable organizations with limits typically ranging from 20% to 60% of adjusted gross income (AGI). This Act temporarily modifies such limitations from a maximum of 60% up to 100% of adjusted gross income. If an individual’s contributions exceed the 100% limitation, the excess contributions may be carried over for the next five tax years.
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The modification of limitations applies to cash contributions paid in the 2022 calendar year and where the taxpayer has elected the application of this provision.
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*The information above has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice.