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What happens if I claim too much for charitable contributions?

If you overstate the value of noncash donations on your return you should amend it to show the correct value. If the value you claimed is 150% or more of the correct amount and you underpaid your tax by more than $5,000, the penalty is 20% of the amount by which you underpaid. If the value you claimed is 200% or more of the correct amount and you underpaid your tax by more than $5,000, the penalty is 40% of the amount by which you underpaid.

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