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  1. #1
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    Flynn4Heisman's Avatar
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    Cyclone Club Donations and Taxes

    I had my taxes all ready to go t obe filed, and a then a couple days later I got an email from the National Cyclone Club about sending me a receipt for my donations last year, and something about my taxes.

    Having donated for the first time last year, do I need that information before I can file?

    How come?


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  2. #2
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    Re: Cyclone Club Donations and Taxes

    Depends if you want to take the deduction for a charitable donation. Isn't that money all run through the ISU Foundation to make it deductible?



  3. #3
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    Re: Cyclone Club Donations and Taxes

    It's a deduction. Probably won't affect anything unless you're itemizing rather than taking the standard deduction, but it's there for you.


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  4. #4
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    Re: Cyclone Club Donations and Taxes

    According to current IRS rules, 80% of your donation can be used as a deduction if you itemize. It's only 80% because you receive some"goodness" (ticket preference,location) for the donation.



  5. #5
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    Re: Cyclone Club Donations and Taxes

    I always end up with the standard deduction so it really doesnt matter.



  6. #6
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    Re: Cyclone Club Donations and Taxes

    Quote Originally Posted by nfrine View Post
    According to current IRS rules, 80% of your donation can be used as a deduction if you itemize. It's only 80% because you receive some"goodness" (ticket preference,location) for the donation.
    If you donated but didn't buy season tickets is it still only 80%? Or can you claim 100%?


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