Serious question about Tax Back(car Donation)(and i was in school)?

So i donated my car last year when the transmission blew. my total tax money from federal and state was about 4400 dollars and i was in school and have that slip that should give me full back. My question is the tax paper from the car donation came back and said it was sold for 2000 dollars. if i already was going to get full back will i get just 4400. or 6400 or somehere inbetween. Please let me know.

If you itemize your deductions, which I suspect you do not, the contribution of a car that sold for $2,000 would reduce your tax due and increase any refund by $2,000 times your marginal tax rate which is probably 15% or $300. If you take standard deduction, it will have zero effect.

If you donated the car, you get full market value (what it's worth with blow engine) as a write-off. What the car sold for is irrevelant.

If you itemize, you'd get a deduction of $2000. If you don't itemize, and as a student you probably don't, you get no tax benefit from the donation.

================================================================
Special offer: Free Domain & cPanel Hosting for only $2.99 at https://SecureSignup.net !
================================================================

Spam Filtered (ID:3479463)