Ida is a receptionist who made a donation of $500 to her church. If Ida's AGI (Adjusted Gross Income) is $42,300, can she deduct

Question

vladimir2022 [97]

3 years ago

15

Ida is a receptionist who made a donation of $500 to her church. If Ida's AGI (Adjusted Gross Income) is $42,300, can she deduct

the donation on her income tax return? If so, what amount.

Mathematics

1 answer:

Reika [66] · Answer 1 · 2021-11-02T02:52:21+03:00

According to current tax laws, you are able to deduct up to 50% of your AGI. If donations exceeds that amount, the additional amount can be carried over and applied to the following 5 yrs tax returns. Since Ida's AGI IS 42,300 and 50% far exceeds her donation of $500.00. she will be able to deduct the entire amount.