Frequently Asked Questions
- What does it mean to be a 501(c)(3) organization?
What does it mean to be a 501(c)(3) organization?
For charities, this means that they can accept contributions and offer donors a tax deduction for their gifts. For donors like you, this means your contributions are fully tax-deductible to the amount allowed by law. The email receipt you receive from "The Justice Fund" does indeed meet all the IRS requirements as a record of donation.
Back to Top
- What counts as a charitable organization?
A charitable organization is generally defined as any nonprofit organization that is incorporated and identified by the IRS as a 501(c)(3) organization. These organizations have been given tax-exempt status and can accept contributions. Children's Healthcare of Atlanta Foundation itself is a registered 501(c)(3) organization, by which The Justice Fund is an affiiate.
Please note: Not all donations to nonprofits can be claimed as charitable deductions, even if the organization is registered as a nonprofit. Check with the IRS on whether or not an organization can receive charitable deductions.
Charitable events: For a charitable event, only a portion of the ticket value is deductible. The charity hosting the event will be able to identify the exact value of the benefits for each event.
Back to Top
- How can I take a deduction for my donation?
To claim a deduction, you will need to fill out a 1040 Form, which is available through the IRS website, and itemize your deductions on Schedule A. If you fill out the short form or take standard deductions, you cannot claim your contributions.
Back to Top
- Do I need a receipt for donations I make?
Taxable years beginning prior to the effective date of the Pension Protection Act of 2006, the IRS doesn't require receipts for donations under $250, though it is a good idea to keep this information on file. For all donations made in taxable years beginning after the effective date of the Pension Protection Act of 2006, the IRS requires the donor to maintain the bank record or a written communication from the organization to which you donate. Every time you make a donation through The Justice Fund, that donation is recorded in your Giving History by the year, a feature that makes itemizing your taxes easy and convenient.
Back to Top
- Do I need any acknowledgement for donations under $250?
Taxable years beginning prior to the effective date of the Pension Protection Act of 2006, the IRS doesn't require receipts for donations under $250, though it is a good idea to keep this information on file. For donations made in taxable years beginning after the effective date of the Pension Protection Act of 2006, the IRS requires the donor to maintain the bank record or a written communication from the organization to which you donate. Always note the name of the organization, the donation amount, and the date of the contribution.
Back to Top
- For donations over $250, what information does the receipt need?
The donor must maintain the bank record or a written communication from the organization to which you donate. The acknowledgment needs to record the name of the organization, the donation amount, and the date the contribution, as well as a written acknowledgement of any property or services that you may have received in return for your donation and an estimate of their value. The IRS should acknowledge an email receipt as an acceptable record of contribution, but to be certain, always consult your tax advisor.
When you donate through The Justice Fund, your email acknowledgement will provide the amount, transaction date, and the charity name, all things the IRS wants you to keep a record of when you donate.
Back to Top
Disclaimer: The Justice Fund does not warrant or guarantee the accuracy, quality, completeness, or validity of any information it provides. All information has been obtained from sources believed by The Justice Fund to be accurate and reliable. Please consult your tax advisor for specific tax advice.
|
|
