What happens if I claim too much for charitable contributions?
Updated: 1/21/2013
Article ID: IAS10141
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.