Florence is itemizing deductions on her federal income tax return. Her AGI was $197,130 last year, and she contributed $99,310 t

Question

2 years ago

15

Florence is itemizing deductions on her federal income tax return. Her AGI was $197,130 last year, and she contributed $99,310 t

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

Mathematics

1 answer:

zhannawk [14.2K] · Answer 1 · 2022-01-21T10:55:49+03:00

zhannawk [14.2K]2 years ago

6 0

Adjusted gross income (AGI) is a person's total gross income minus specific deductions. So, Florence can deduct an amount of: .5 or 50% of 197130 = 98,565 is the maximum deduction which is less that actual amount given for the charitable contributions.