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.

Question

Derick Barton

Mathematics

31 March, 10:47

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.

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Jerimiah Kim · Answer 1

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.