Answered

IDNLearn.com: Your destination for reliable and timely answers to any question. Our experts provide prompt and accurate answers to help you make informed decisions on any topic.

Parvati is a single taxpayer. Her AGI is $74,098, she does not own a home, and she contributed the following charitable donations to qualified charitable organizations:
04/01/20 $250 04/16/20 $50 05/20/20 $350
What amount can she deduct on her 2020 tax return?
a) $0
b) $650
c) $350
d) $300

Sagot :

Answer: $300

Explanation:

According to the Coronavirus Aid, Relief, and Economic Security (CARES Act), individual taxpayers can claim about $300 deduction in taxes as charitable donations.

Therefore, it should be noted that despite the standard deduction that Parvati has to pay, she would still have to pay $300 which would be deducted on her 2020 tax return.

We greatly appreciate every question and answer you provide. Keep engaging and finding the best solutions. This community is the perfect place to learn and grow together. IDNLearn.com has the answers you need. Thank you for visiting, and we look forward to helping you again soon.