August 3, 2006 | Read Time: 1 minute
TAX WATCH
New statistics released by the Internal Revenue Service show that deductions claimed for charitable contributions rose 7.2 percent to
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ALSO SEE: TABLE: Charitable Deductions Claimed on Tax Returns |
$156.2-billion in 2004. The IRS will revise the statistics in coming months before making them final.
The IRS statistics show that the percentage of individual returns that included write-offs for donations edged up from 2003 to 2004, from 30 percent to 30.7 percent of all returns filed by Americans. The average contribution claimed on each return rose from $3,772 in 2003 to $3,848 in 2004, the highest average donation amount recorded in two decades.
The number of returns with charitable deductions increased from 38.6 million in 2003 to 40.6 million in 2004.
The IRS published the data in its Statistics of Income Bulletin for spring 2006.
The statistics are free online. To view the updated information on charitable donations, go to http://www.irs.gov/taxstats/article/0,,id=115033,00.html and select Table 1.
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CHARITABLE DEDUCTIONS CLAIMED ON TAX RETURNS
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