A credit of up to $400 for “married couples filing jointly” and up to $200 for all other filers is available for cash contributions to a qualifying charitable organization (QCO). This includes those groups that provide services to the chronically ill or disabled children. Starting in 2013, you can take an additional credit for contributions up to $400 for “married couples filing jointly” and up to $200 for all other filers, for contributions to Qualifying Foster Care Charitable Organizations (QFCO). The rule is that you can only exceed the original maximum credit for contributions to charities that provide assistance to the working poor, if you make the contribution to a Qualifying Foster Care Charitable Organization.
Therefore the maximum combined credit when taking both the QCO and QFCO credits is $800 for “married couples filing jointly” and $400 for all other filers. Also starting with the 2013 tax year, taxpayers do not have to itemize deductions to claim a credit for contributions to charities that provide assistance to the working poor.
Many well-known organizations assist the working poor and qualify for this speciation deduction. For a list of charities that apply for this credit, visit:
If you have further questions, please contact BeachFleischman in Phoenix and Tucson Arizona (AZ) by filling out the Contact Us form.