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svetlana [45]
3 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]3 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. 

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