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Melinda is itemizing deductions on her federal income tax return. Her AGI was $295,420 last year, and she contributed $148,160 to charity. If charitable contributions are deductible up to 50% of a taxpayer's AGI, how much can Melinda deduct for charitable contributions?

Respuesta :

Kalahira
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%.
JeanaShupp

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 :-

[tex]50\%\ of\ AGI\\\\=0.5\times$\295,420\\\\=\$147,710[/tex]

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

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