83.2k views
1 vote
Florence is itemizing deductions on her federal income tax return. Her AGI was $197,130 last year, and she contributed $99,310 to charity. If charitable contributions are deductible up to 50% of a taxpayer's AGI, how much can Florence deduct for charitable contributions?

User Ygram
by
8.7k points

2 Answers

0 votes

Answer:

The correct answer is $98,565

Explanation:

User Jack Pan
by
7.5k points
5 votes

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.

User Alpana
by
8.6k points
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories