In addition to showing your support by voting in the 2020 election, you may have also chosen to make a financial contribution to your candidate of choice during their campaign.
Though giving money to your candidate of choice is a great way to get involved in civic discourse, political donations are not tax deductible. According to the IRS: “You can’t deduct contributions made to a political candidate, a campaign committee, or a newsletter fund. Advertisements in convention bulletins and admissions to dinners or programs that benefit a political party or political candidate aren’t deductible.” This includes Political Action Committees (PACs), as well.
While you can’t write off campaign contributions, you can set aside $3 of your taxes to go to the Presidential Election Campaign Fund on your 1040 federal income tax return.
Political Contributions Limits
If you still want to financially support a candidate or party, here are a few things to keep in mind when you make your contributions. According to the Federal Election Commission, an individual may donate:
- up to $2,800 per candidate per election
- up to $10,000 to state, district and local parties combined each year
- up to $106,500 to a national political party, per account, per year
In addition, individual donations to issues-orientated political action committees (PACs) are capped at $5,000 per year.
Elle Martinez contributed to this post.