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Posted by Herb Smith on June 5, 2008, 9:41 pm
Please log in for more thread options On Jun 5, 5:00�pm, "removeps-gro...@yahoo.com" <removeps-
gro...@yahoo.com> wrote:
>
> > Say an unofficial group (high school class in this case) decides at a
> > reunion event to make a donation collected from the classmates to its
> > high school or other qualified charitable organization.
>
> > I've been asked if there is a way to pass on the tax deduction of
> > individual givers back to them if the class collects the donations and
> > makes a lump sum donation or would each individual half to earmark their
> > own direct contribution in order to get the deduction?
>
> > PS. �I think it's a pretty chintzy question, but hey, I was the asked,
> > not the asker... :)
>
> It seems OK to me to do this, but for paperwork: the name on the
> receipt from the 501(c)(3) should list the names of the group members,
> there should be a statement from the group members stating who
> contributed how much,
> each person should keep a copy of the receipt and statement, and each
> person should keep a copy of their deposited check image if any.
If you are interested in a deduction, just write a check to the
charitable organization (not the group collecting). The charity will
send you a receipt.
>
> It seems unlikely that a high school's student itemized deduction
> would be larger than their standard deduction (minimum $850), but with
> summer jobs, investment income from stocks given to them by rich
> parents, state taxes on these items, one needs to check to be sure.
I don't think the OP was talking about current students (reunion
event), so the assumption is that the attendees are all graduates or
alumni.
>
> I don't think you have to mess with a partnership return 1065. �Not
> sure if it even applies here anyway. �And if each person is donating a
> large sum, say more than $250, then they should donate seperately to
> avoid the IRS telling them that they had to file a form 1065.
You are overthinking the "problem". What partnership?
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