A taxpayer makes charitable donations of $1,300. The spouse donates $600. Each of the individuals earn...
A taxpayer makes charitable donations of $1,300. The spouse donates $600. Each of the individuals earn $70,000. What would be the maximum amount of charitable tax credit (round to nearest dollar) the taxpayer can claim this year?
Homework Answers
The charitable tax credit is 15% of the first $200 donated, plus a tax credit of 29 percent on any amount above $200. If the taxpayer has a spouse, then he can combine donations and claim on one tax return to push the $200 threshold.
Total charitable donations = $1,300 + $600 = $1,900
Tax credit on first $200 = 15% of $200 = $30
Tax credit on remaining $1,700 = $1,700 * 29% = $493
Total charitable tax credit = $30 + $493 = $523
The maximum amount of charitable tax credit the taxpayer can claim is $523.
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