Use Patty's charitable contribution information from the above question to answer the following question: Now Assume that Patty's AGI for 2023 is $125,000. Calculate Patty's itemized deduction for charitable contributions for 2023 based on the above information, considering all relevant AGI limitations.

Use Patty's charitable contribution information from the above question to answer the following question: Now Assume that Patty's AGI for 2023 is $125,000. Calculate Patty's itemized deduction for charitable contributions for 2023 based on the above information, considering all relevant AGI limitations.

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter2: Gross Income And Exclusions

Section: Chapter Questions

Problem 1P: Indicate whether each of the items listed below would be included (I) in or excluded (E) from gross...

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Indicate whether each of the items listed below would be included (I) in or excluded (E) from gross income for the 2019 tax year. ______ a. Welfare payments ______ b. Commissions ______ c. Hobby income ______d. Scholarships for room and board ______ e. $ 300 set of golf clubs, an employee award for length of service ______ f. Severance pay ______ g. Ordinary dividend of $ 50 ______ h. Accident insurance proceeds received for personal bodily injury ______ i. Inheritances ______ j. Gifts ______ k. Tips and gratuities
Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances: Calvin's AGI is $119,000.
Can you show me how to figure the charitable contribution amount of $12,540?
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For 2022, Eugene and Linda had adjusted gross income of $30,000. Additional information for 2022 is as follows: Cash contribution to American Heart Association $1,300 Tuition paid to a parochial school $1,200 Cash contribution to a qualified charity $400 Cash contribution to a needy family $100 What is the maximum amount they can deduct for charitable contributions in 2022?
For 2022, determine the deductible charitable contribution in each of the following instances: Required: a. Charitable contribution of $4,000 and taxable income before charitable contribution of $50,000. b. Charitable contribution of $8,000 and taxable income before charitable contribution of $50,000. c. Charitable contribution of $4,800 and taxable income before charitable contribution of $50,000. Taxable income includes a net operating loss carryforward of $5,000. d. Charitable contribution of $4,800 and taxable income before charitable contribution of $40,000. Taxable income includes a capital loss carryback of $5,000. Answer is complete but not entirely correct. Amount a. Deductible charitable contributions b. Deductible charitable contributions c. Deductible charitable contributions d. Deductible charitable contributions $ 4,000✔ $ $ $ 4,800 X 8,000 X 4.800✔
In 2023, Moore, a single taxpayer, had $50,000 in adjusted gross income. During 2023, she contributed $23,000 in cash to her church. She had a $10,000 charitable contribution carryover from her 2022 church contribution. What was the maximum amount of properly substantiated charitable contributions that Moore could claim as an itemized deduction for 2023? O $30,000 O $10,000 O $23,000 O $33,000
The SECURE 2.0 Act of 2022, Section 307, allows a taxpayer who wants to make a charitable contribution from their IRA, to make a one-time rollover to an eligible split interest entity. What is the maximum amount allowed to be contributed? o $5.000 o $10.000 o $25.500 o $50.000
Ramon had AGI of $193,000 in 2019. He is considering making a charitable contribution this year to the American Heart Association, a qualified charitable organization. Determine the current allowable charitable contribution deduction in each of the following independent situations, and indicate the treatment for any amount that is not deductible currently. a. A cash gift of $96,500. In the current year, Ramon may deduct $ since his charitable contribution is limited to s b. A gift of OakCo stock worth $96,500 on the contribution date. Ramon acquired the stock as an investment two years ago at a cost of $86,850. The stock's value for determining the contribution is $ The deduction for 2019 is $ The remaining for years. c. A gift of a painting worth $96,500 that Ramon purchased three years ago for $86,850. The charity has indicated that it would sell the painting to generate cash to fund medical research. The contribution is valued at $ The amount deductible in the current year is $
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Ramon had AGI of $181,000 in 2022. He is considering making a charitable contribution this year to the American Heart Association, a qualified charitable organization. Determine the current allowable charitable contribution deduction in each of the following independent situations, and indicate the treatment for any amount that is not deductible currently. Identify any planning ideas to minimize Ramon's tax liability. a. A cash gift of $90,500. In the current year, Ramon may deduct $(. )since his charitable contribution is limited to $(. ) b. A gift of OakCo stock worth $90,500 on the contribution date. Ramon had acquired the stock as an investment two years ago at a cost of $81,450. The stock's value for determining the contribution is $f(. ). The deduction for 2021 is $(. )The remaining $(. ) for fill in the blank 1a2a96f96fad03a_5 years. c. A gift of a painting worth $90,500 that Ramon purchased three years ago…
Ramon had AGI of $180,000 in 2019. He is considering making acharitable contribution this year to the American Heart Association, aqualified charitable organization. Determine the current allowablecharitable contribution deduction in each of the following independentsituations, and indicate the treatment for any amount that is notdeductible currently. Identify any planning ideas to minimize Ramon'stax liability. a. A cash gift of $95,000.b. A gift of OakCo stock worth $95,000 on the contribution date.Ramon had acquired the stock as an investment two years ago at acost of $84,000.C. A gift of a painting worth $95,000 that Ramon purchased threeyears ago for $60,000. The charity has indicated that it would sellthe painting to generate cash to fund medical research.d. Ramon has decided to make a cash gift to the American HeartAssociation of $113,000. However, he is considering delaying hisgift until next year when his AGI will increase to $300,000 and hewill be in the 32% income tax…