What does this mean? Am i going to receive a annual bill?
Your donation is tax deductible in the United States and you will receive an annual tax receipt at the end of the year.
- JudithLv 72 months ago
You will receive a statement at the end of the year showing how much you donated. When you file your income tax return for 2020, you can deduct a portion of that donation from your income. That means you don't pay income taxes on it.
However, it would be unlikely that you will be itemizing your expenses since they would have to be greater than $12,200 which is the standard exemption. In other words, what you donated won't have any impact on your 2020 income tax return one way or the other.
- Max HooplaLv 72 months ago
You will get verification that you made the gift. If you file a US tax return and itemize deductions, this will be one of them.
- StephenWeinsteinLv 72 months ago
No. It means you get something that says how much you donated.
- Anonymous2 months ago
No, it means you will get a receipt. Depending where you live, it may or may not be of any value.