Breaking News
More () »

Donating your stimulus money? Why it might not help you come tax time.

Donating your money to charity is a kind act. But if you're doing it and thinking it's going to help you come tax time, you need to know this....

GREENSBORO, N.C. — What happens if I donate my stimulus money? How will it help me with next year's taxes? The answer is...it depends on how you file your taxes.

“If they donate to a qualified charity, while it's admirable, it may or may not be deductible and by that I  mean if their donation of the stimulus and their other itemized deductions don't exceed the standard amount, then they may not get a tax benefit from it,” explains Kevin Robinson of Robinson Tax and Accounting Services.

If you're looking for a tax benefit to donating your stimulus money or any money to charity, you have to itemize your taxes.

RELATED: UPDATED Stimulus payment timeline for social security recipients

And the only benefit to itemizing your taxes is if you have more deductions than the standard deduction. It changes a bit every year, but for example,  the standard deduction for a single person last year was $12,200 and $24,400 for married folks filing jointly.  

RELATED: When you'll get your stimulus payment check in the mail

So, all your deductions; charitable donations, home interest, it all has to be more than the deduction to make it count.

Before You Leave, Check This Out