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Objective

The primary objective of the Calculator is to illustrate the charitable giving tax deduction and how it can affect individual’s tax savings for the 2024 tax year. The calculator gathers information about your current tax situation and expected charitable giving to roughly estimate your tax savings as an individual filer. The projections or other information generated by the calculator are hypothetical in nature and are not guarantees of future results. Results may vary with each use and over time and should not be taken as a statement of fact.

You can locate the 2024 Calculator here.

By using the calculator, you represent that you have read and understand the following:

  • Information provided by the calculator is general and educational in nature. It is not intended to be, and should not be construed as, legal or tax advice. Endaoment does not provide legal or tax advice. You should consult an attorney or tax advisor regarding your specific legal or tax situation.

  • You should not use the calculator as the sole or primary basis for charitable giving or tax planning decisions. You should consult an attorney or tax advisor regarding your specific legal or tax situation.

  • You may reject or accept the calculator’s results as you see fit.

  • As with any tool, software problems can occur such that the Calculator may not operate or deliver the results as intended and we cannot be responsible for errors in functionality.

  • All calculations assume that donated assets have been held for at least 1 year, as the tax treatment for donated assets held less than 1 year are less favorable to donors.

  • You understand that your deduction for charitable contributions generally can’t be more than 60% of your adjusted gross income (AGI), but in some cases 20%, 30% (specifically for non-cash assets), or 50% limits may apply. In some cases, bunching donations may result in a charitable deduction that exceeds the IRS adjusted gross income limitations. A portion of your donation may have to be carried forward for up to five years and used on a later tax return. In other situations, your charitable donation, whether or not you engage in a bunching strategy, may exceed IRS adjusted gross income limitations. For more information, read IRS Publication 526 Charitable Contributions.

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Disclaimer

The calculator should not be used as the primary basis for any tax-planning decisions. All calculations and results generated are based upon income tax rates as of January 1, 2024. The calculator relies on federal marginal income tax rates that you have supplied but may not reflect all taxes applicable to your specific situation. The calculator does not account for the treatment of any state, local, foreign or alternative minimum taxes; phase-out rules for deductions; and any charitable deduction limitations based on income. These and other differences between your actual circumstances and such inputs and assumptions may lead to materially different results than those produced by the calculator. See Tax Calculations and Assumptions below for additional details on tax rate information.

This calculator is an educational tool developed by Endaoment.

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Assumptions

The calculator uses tax rate information that you supply to estimate the potential charitable deductions you may be eligible to take when you file your annual income tax return. The calculator should not be used for purposes of calculating actual tax liabilities or benefits. It is not intended to provide, nor should it be construed as providing, legal or tax advice. It calculates a reasonable approximation of tax liabilities and benefits for any specified year based on information provided by you. The tax calculations performed may not be accurate for tax reporting purposes, so you must rely on the official tax forms mailed to you each year and on your, or your tax advisor’s, calculations for tax reporting purposes.

The calculator does not account for the treatment of any state, local, foreign or alternative minimum taxes; phase-out rules for deductions; and any charitable deduction limitations based on income. For example, the calculator does not account for the Adjusted Gross Income (AGI) limitation for contributions to a donor-advised fund program (DAF), donations of long-term appreciated securities to a DAF are limited to 30% of AGI. Additionally, tax savings may be larger than realized if the size of your deduction causes your taxable income to fall below the bracket floor for the federal marginal income tax rate you provided. These and other differences between your actual circumstances and such inputs and assumptions may lead to materially different results than those produced by the calculator.

The tax information above is based on best available information and may be subject to change. The calculator is to be used for information and educational purposes only and should not be used as the single source to base tax and charitable donation decisions upon. Endaoment does not provide tax advice. Please consult with your tax advisor when making decisions pertaining to your specific tax situation.

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