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View Poll Results: Any change in deductions or contributions in 2018? (Edit - Multiple choices allowed)
Previously itemized but will take standard deduction in 2018 41 46.07%
Previously itemized and will continue to do so 22 24.72%
Previously used standard deduction and will continue to do so 20 22.47%
Previously used standard deduction but will itemize in 2018 0 0%
Contributions in 2018 will be higher than in prior years 14 15.73%
Contributions in 2018 will be about the same as prior years 36 40.45%
Contributions in 2018 will be lower than in prior years 17 19.10%
I don't do contributions. 5 5.62%
Multiple Choice Poll. Voters: 89. You may not vote on this poll

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2018 Charitable Contributions
Old 12-13-2018, 04:25 PM   #1
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2018 Charitable Contributions

The higher standard deduction rather than deductions and exemptions will cause many middle income taxpayers to no longer itemize deductions... therefore no longer get a tax benefit from charitable contributions.

A two part poll. If you itemized before do you expect to itemize in 2018? Do you expect to change your chartitable contributions in 2018?
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Old 12-13-2018, 04:31 PM   #2
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I did itemize in '16 & '17, but am relatively certain I will not in 2018 because of the higher standard deductions. That has not changed my charitable contributions.
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Old 12-13-2018, 04:32 PM   #3
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I have not yet determined if we will itemize 2018, but I did significantly reduce my charitable giving this past year, intending to bunch up in 2019 and itemize for certain.
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Old 12-13-2018, 04:40 PM   #4
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No, don't expect to itemize for the first time in many, many years.

Generally speaking, no change to contributions. One exception: I prepaid 3 years of an annual contribution to one particular charity via transfer of appreciated ETF shares in late 2016 to get in under the wire of the old tax law. So I won't be contributing to them this year or next. When I resume their contribution it will be via QCD.
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Old 12-13-2018, 04:49 PM   #5
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Well I blew it, didn’t realize I could enter multiple votes. Obviously not good at reading instructions. Sorry...
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Old 12-13-2018, 04:51 PM   #6
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I made a long-postponed donation of old clothes at the end of last year while I still had the chance to deduct it. My charitable donations have returned to their usual levels in 2018.


I hadn't taken the standard deduction since 2013, the year before the ACA's exchanges went into effect. In 2013, I had a bare-bones individual HI policy which was cheap, so I was not itemizing for a few years. But with the new tax law doubling the SD, unless I have a big spike in my medical costs (like I did in 2015 when I was in the hospital), I won't be itemizing again. Sure, I can bunch some of my tax-deductible expenses if I get close to the SD amount, but I'm not there, either.
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Old 12-13-2018, 05:05 PM   #7
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-So far, I'm the only one who answered with the second choice listed. And I also expect my contributions to be about the same as the lat few yrs. Since ER began, I also have medical expenses that about equal my charitable contributions, so for this yr I will be able to itemize a good portion of that as well.

edit: refreshed so looks like I'm one of three now
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Old 12-13-2018, 05:06 PM   #8
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Quote:
Originally Posted by Midpack View Post
Well I blew it, didnít realize I could enter multiple votes. Obviously not good at reading instructions. Sorry...
I didnít see it either, so I added a reminder to the poll question.
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Old 12-13-2018, 05:14 PM   #9
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Quote:
Originally Posted by friar1610 View Post
No, don't expect to itemize for the first time in many, many years.

Generally speaking, no change to contributions. One exception: I prepaid 3 years of an annual contribution to one particular charity via transfer of appreciated ETF shares in late 2016 to get in under the wire of the old tax law. So I won't be contributing to them this year or next. When I resume their contribution it will be via QCD.

Thanks for typing this---saved me the effort--- exactly what we did.
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Old 12-13-2018, 05:18 PM   #10
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It was a good thing I came late to this. I read the above comments and made the multiple votes as appropriate.
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Old 12-13-2018, 05:21 PM   #11
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Quote:
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I didnít see it either, so I added a reminder to the poll question.
Thanks... it is the first time that I did a multiple poll... perhaps I should have just done two companion polls.
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Old 12-13-2018, 05:41 PM   #12
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We will take the standard deduction this year (1st time in 40 years). We pulled ahead a number of charitable deductions (as well as property taxes) into the 2017 taxes, so (on paper) this years giving is down. Going forward, it looks like we will have the standard deduction most years, but may lump up some contributions such that we itemize every other year.



The implementation of the changes to the tax policy has introduced an oscillation. I don't know if the system will continue to oscillate, or if it will assume steady state. The average contributions are not decreasing, and will probably increase. We may use a DAF to spike the contribution one year and then distribute the money in an even manner over the next few years.



Lots of moving pieces.
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Old 12-13-2018, 05:48 PM   #13
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We heavily pre-loaded our DAF in 2016 and 2017 taking advantage of the ability to deduct contributions of highly appreciated stock.

Now we will be using the standard deduction.

However, we will be contributing out of our DAF for the next 10 years or so, and those contributions will be about the same every year. But since they are out of the DAF they have nothing to do with our itemized deductions.

We likely won't contribute to the DAF again unless we have a large contribution to make one year. But by the time that happens we'll probably have switched to making direct contributions from our IRAs instead.

I found the contribution part of the poll confusing because - we aren't doing charitable contributions directly from our income any longer, but we are doing it from our DAF.
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Old 12-13-2018, 06:15 PM   #14
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I'm single so the higher standard deduction does me little good- my charitable donations alone exceed it. The other items I can deduct (mortgage interest, property taxes, state taxes and medical expenses over the threshold) also add up to more than the standard deduction, so "bunching" is not an option since none of these can be time-shifted.
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Old 12-13-2018, 06:26 PM   #15
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We have been using the standard deduction for about 12 years (When the mortgage was paid off). So no change there.

As far as contributions, deductions have never been a consideration. We contribute to charities we believe in. If it is deductible, fine. If not, that's OK too.
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Old 12-13-2018, 06:32 PM   #16
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Used the standard deduction last year and this year. Managing MAGI, so will pay no taxes this year.
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Old 12-13-2018, 06:41 PM   #17
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So a ROM analysis of this so far small sample size appears to indicate that:

previously two thirds did itemize

now two thirds will not itemize
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Old 12-13-2018, 06:43 PM   #18
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I only voted once, poll was confusing.

I opened a DAF a few weeks ago to push me well over the standard deduction, which I will use for charity donations for many years. Probably the last time I'll itemize until the next tax law change.
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Old 12-13-2018, 06:51 PM   #19
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I donate to charity because I want to support the charity. The deduction didn't really factor in for me.
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Old 12-13-2018, 09:43 PM   #20
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We were downsizing for the last couple of years and donated about half of our possessions to charities during this time including some large ticket items. I kept meticulous records and even had photos of stuff and auction receipts. Some of it was very nice.

This year I asked for no receipts as I expect no tax benefits to charitable donations.

Turbo tax doesn't even have a working schedule A as of 12/13/2018 yet so I won't do any year end donations because I don't know what the bottom line would be.

Frankly I think a lot of charities will have a leaner future.

I gave to some charities just because my perception was they helped the community and I netted about the same after taxes as if I had sold the stuff myself if I considered the time and expenses to advertise, sell, ship and pay tax on the income.


I itemized in the past, and will not this year unless required to or for tax advantage in the future.
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