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Form 8606 for Chico California: What You Should Know

Nondeductible contributions are those that do not count towards your gross income on your federal income tax return. For 2018, let's say you gave 2,500 to help with the school lunch program. Your federal income tax deduction for the contribution is 5,350. If you're in a tax bracket in which you will be earning much more money in the future, and you give 500 this year, you'll get back an additional 10,000 in the form of taxes. This year, since you've already done 2,567 in charitable contributions, you would get back at most 2,700 in tax. For example, let's say your income increases to 35,000 in the future. If you give 2,500 this year in charitable contributions, you will get back just over 2,200 of these tax benefits. In case you're wondering, you can take the traditional or Roth approach, and you will not lose money. But if you choose the Roth account, you will be paying more interest, and you can only deduct the contributions up to the first 3,200.  If you are a first-time winner and give even more money this year, you may be able to claim the 5,350 deduction.

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