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Is ItsDeductible discontinued? ›

ItsDeductible Discontinued

Turbo Tax announced that it will no longer offer Itsdeductible after the upcoming 2022 tax season, leaving thousands of users without a charitable deduction valuation tool. The good news is that CharityDeductions.com does the same thing and is still being offered.

Your donations will automatically load as long as you're using the same account for both ItsDeductible and TurboTax. On the next screen, select which donations you want to import and select Import Now. Select Continue and review your charities on the next screen.

Under Federal Taxes, select Deductions & Credits. When asked How do you want to enter your deductions and credits?, select I'll choose what I work on. Scroll down to Charitable Donations and click the Visit All button. Select the Yes button to answer the question: Did you make any donations to charity in 2023?

by TurboTax• 250• Updated 7 months ago

TurboTax ItsDeductible is a free program included with your TurboTax account. It lets you enter your charitable donations year-round so you can import them directly into your return at tax time. It's available online and as a mobile app.

Important: Intuit has decided not to discontinue ItsDeductible and will continue to support the tool. Your account and data will continue to be available without interruption. If you are an ItsDeductible user, you should have received a notification of this change on or about July 5, 2022.

Taxpayers who took the standard deduction used to be able to claim up to $600 in cash donations to qualified charities without having to itemize. They can no longer do so. Despite these changes, there are still many ways to make charitable gifts work for causes you believe in — and your tax returns.

Noncash Charitable Contributions — applies to deduction claims totaling more than $500 for all contributed items. If a donor is claiming over $5,000 in contribution value, there is a section labeled “Donee Acknowledgement” in Section B, Part IV of Internal Revenue Service (IRS) Form 8283 that must be completed.

2024 giving and tax landscape

The annual deduction limit for gifts to public charities, including donor-advised funds, is up to 30% of adjusted gross income (AGI) for donations of non-cash assets held longer than one year and up to 60% of AGI for donations of cash.

You may deduct charitable contributions of money or property made to qualified organizations if you itemize your deductions. Generally, you may deduct up to 50 percent of your adjusted gross income, but 20 percent and 30 percent limitations apply in some cases.

Factors that affect the fair market value of an item include: condition, style, use, and age. ItsDeductible considers these factors together as contributing to an item's value. ItsDeductible accomplishes this by aggregating information from various thrift and consignment stores.

What are the categories for its deductible? ›

ItsDeductible has three value categories to help you assess the fair market value of your donated items: High, Medium and Low.

For noncash (in-kind) donations, most of the time it's the fair market value (FMV) of the item. But if the FMV is higher than the amount you paid, you must use the original cost of the item. You can get the FMV of your donation by looking at similar items for sale on eBay, Craigslist, or your local thrift store.

The Bottom Line. Charitable contributions must be claimed as itemized deductions on Schedule A of IRS Form 1040. The limit on charitable cash contributions is 60% of the taxpayer's adjusted gross income for tax years 2023 and 2024.

Key Takeaways. Gifts to a non-qualified charity or nonprofit are not deductible. To qualify, a group must register with the IRS under section 501(c)(3) or, in some cases, section 501(c)(4). A pledged or promised donation is not deductible, only money that is actually given.

Special $300 tax deduction

Following special tax law changes made earlier this year, cash donations of up to $300 made before December 31, 2020, are now deductible when people file their taxes in 2021.

ItsDeductible is an easy way to keep track of your donations and get back the maximum deductions you deserve for your charitable acts.