| Pub. 526, Charitable Contributions |
2004 Tax Year |
This is archived information that pertains only to the 2004 Tax Year. If you
are looking for information for the current tax year, go to the Tax Prep Help Area.
Table 4. Worksheet for Limit on Deductions. Summary: This is an example of the worksheet used to determine the limit on deductions (if any) that can be claimed by a taxpayer.
The line
items to be completed are:
| Under
“Step 1. List your charitable contributions made during the year.”:
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“1. Enter your contributions to 50% limit organizations. (Include contributions of capital gain property if you reduced the
property's fair
market value. Do not include contributions of capital gain property deducted at fair market value.)” field
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“2. Enter your contributions to 50% limit organizations of capital gain property deducted at fair market value” field
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“3. Enter your contributions (other than of capital gain property) to qualified organizations that are not 50% limit organizations”
field
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“4. Enter your contributions for the use of any qualified organization. (But do not enter here any amount that must be entered
on line
6.)” field
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“5. Add lines 3 and 4” field
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“6. Enter your contributions of capital gain property to or for the use of any qualified organization. (But do not enter here
any amount
entered on line 1 or 2.)” field
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| Under
“Step 2. Figure your deduction for the year and your carryover to the next year.”:
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“7. Enter your adjusted gross income” field
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“8. Multiply line 7 by 0.5. This is your 50% limit” field
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“Contributions to 50% limit organizations:”
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“9. Enter the smaller of line 1 or line 8--Deduct this year” field
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“10. Subtract line 9 from line 1--Carryover to next year” field
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“11. Subtract line 9 from line 8” field
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“Contributions not to 50% limit organizations:”
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“12. Add lines 1 and 2” field
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“13. Multiply line 7 by 0.3. This is your 30% limit” field
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“14. Subtract line 12 from line 8” field
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“15. Enter the smallest of line 5, 13, or 14--Deduct this year” field
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“16. Subtract line 15 from line 5--Carryover to next year” field
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“17. Subtract line 15 from line 13” field
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“Contributions of capital gain property to 50% limit organizations:”
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“18. Enter the smallest of line 2, 11, or 13--Deduct this year” field
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“19. Subtract line 18 from line 2--Carryover to next year” field
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“20. Subtract line 15 from line 14” field
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“21. Subtract line 18 from line 13” field
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“Contributions of capital gain property not to 50% limit organizations:”
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“22. Multiply line 7 by 0.2. This is your 20% limit” field
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“23. Enter the smallest of line 6, 17, 20, 21, or 22--Deduct this year” field
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“24. Subtract line 23 from line 6--Carryover to next year” field
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| Under
“Step 3. Summarize your deductions and carryovers.”:
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“25. Add lines 9, 15, 18, and 23. Enter the total here and on Schedule A (Form 1040)--Deduct this year” field
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“26. Add lines 10, 16, 19, and 24. Enter the total here. Carry it forward to Schedule A next year--Carryover over to next year”
field
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