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?

Question

Giles

Mathematics

26 June, 18:08

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?

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Answers (1)

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Jaidyn Frederick · Answer 1

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%.