Melinda is itemizing deductions on her federal income tax return. Her AGI was $295,420 last year, and she contributed $148,160 t

Question

4 years ago

7

Melinda is itemizing deductions on her federal income tax return. Her AGI was $295,420 last year, and she contributed $148,160 t

o charity. If charitable contributions are deductible up to 50% of a taxpayer's AGI, how much can Melinda deduct for charitable contributions?

Mathematics

2 answers:

belka [17] · Answer 1 · 2021-12-01T11:35:33+03:00

Answer: $147,710

Step-by-step explanation:

Given: Last year Melinda's AGI = $295,420

The amount she contributed to charity = $148,160

If charitable contributions are deductible up to 50% of a taxpayer's AGI, then the amount she could deduct for charitable contributions is given by :-

$50\%\ of\ AGI\\\\=0.5\times$\295,420\\\\=\$147,710$

Hence, the amount she could deduct for charitable contributions = $147,710

Zarrin [17] · Answer 2 · 2021-12-01T09:54:11+03:00

Zarrin [17]4 years ago

5 0

<span>Melinda can deduct a total of $147,710 for charitable contributions in this tax year. This answer is simply a function of her total AGI, 295,420, multiplied by the allowable amount, 50%.</span>