Make a Donation to Help Reduce the US Public Debt. Wait, What?

I just bookmarked this. They need to have something like this added to tax forms. I'd much rather 'donate' my money to the debt than the Presidential election fund or whatever other things they ask if I'd like to contribute to.

Re: Make a Donation to Help Reduce the US Public Debt. Wait, What?

#5

Post by veyron » Mon, Nov 28, 2011, 4:41 AM UTC

meric wrote: post #3

They should make it tax-deductible. ;)

It is deductible for the next year's returns

Re: Make a Donation to Help Reduce the US Public Debt. Wait, What?

#6

Post by meric » Mon, Nov 28, 2011, 5:13 AM UTC

veyron wrote: post #5

meric wrote: post #3

They should make it tax-deductible. ;)

It is deductible for the next year's returns

What about the clause "These donations are voluntary, and no goods, services, or other considerations are provided to the donors."?

Re: Make a Donation to Help Reduce the US Public Debt. Wait, What?

#7

Post by veyron » Mon, Nov 28, 2011, 6:23 AM UTC

meric wrote: post #6

veyron wrote: post #5

Earlier quoted context omitted.

It is deductible for the next year's returns

What about the clause "These donations are voluntary, and no goods, services, or other considerations are provided to the donors."?

go to page 88 (the one with - 88 - at the bottom) of the 1040 instructions at http://www.irs.gov/pub/irs-pdf/i1040gi.pdf

There is a section "How Do You Make a Gift To Reduce Debt Held By the Public" and it clearly states "You may be able to deduct this gift on your 2012 tax return".

You can't take a deduction for the 2011 tax year on a gift in 2011, but iirc its treated like any other donation

Re: Make a Donation to Help Reduce the US Public Debt. Wait, What?

#8

Post by nyet » Mon, Nov 28, 2011, 8:56 AM UTC

are you fucking kidding me? if the system is leaking memory and the solution is to add memory?