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21 April, 03:38

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?

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  1. 21 April, 07:27
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    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.
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