Craig donated
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Craig donated to all the following nonprofit organizations in 2022. What is his allowable deduction for charitable gifts on Schedule A?
|
Organization |
Amount |
|
Catholic Church |
$100 |
|
Young Republicans of America |
$120 |
|
National FFA Organization |
$50 |
|
People for the Ethical Treatment of Animals (PETA) |
$50 |
|
American Cancer Society |
$100 |
|
Chamber of Commerce |
$100 |
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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?n 2020, Eric gave $11,000 to his church. He donated $75 to Boy Scouts of America and $125 to the Mexican Red Cross. Eric gave the Salvation Army used clothes in good condition worth $150 (original cost $1,700). Eric donated $500 to Rhode Island State University (his alma mater) for the right to buy season tickets to the Fightin' Nutmeggers basketball games. Eric's adjusted gross income is $21,000. Use the Gifts to Charity section of Schedule A below to report Eric's deduction for the current year. Enter all amounts as positive numbers. If your answer is zero, enter "0". Gifts to CharityCaution: If you made a gift and got a benefit for it, see instructions. 11 Gifts by cash or check. If you made any gift of $250 or more, see instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 fill in the blank 1 12 Other than by cash or check. If you made any gift of $250 or more, see instructions. You must attach Form 8283 if over $500 . . . . . . 12…Mark's will contains the following dispositive provisions. $10,000 to the American Cancer Society. $5,000 to the Pastor of my church. $4,000 to my cousin Vinny who has extensive medical issues. $4,000 to Grave Robbers, a nonprofit cemetery association. $3,000 to the First Presbyterian Church in London, England. What is the amount of the charitable deduction available to Mark's estate? Group of answer choices $10,000. $13,000. $17,000. $21,000. $26,000.
- Your client has made all of the following transfers. Which of these transfers will be excluded from the client's total gifts in the year made? Paid a hospital $11,000 for medical services rendered to a friend Paid a family member $15,000 so she could go to school Made a donation to the democratic party Made a contribution to the shriner's hospital, which provides free medical care to children A)III and IV B)I and II C)I and III D)II and IVMadeline made a stock gift of $40,000 to the American Cancer Society, a qualified public charity. Madeline itemizes her deductions and has an adjusted gross income of $120,000. What is the maximum income tax deduction allowable to Madeline in the current year for her charitable contribution? A) $40,000 B) $72,000 C) $36,000 D) $60,000Raheem and Niseema (husband and wife) contributed a total of $15,000 in cash evenly throughout the year to their mosque during 2022. They also donated $3,000 to a private foundation which is a nonprofit cemetery organization. They knew that a 30% limit applies to contributions to such foundations. Their adjusted gross income for the year 2022 was $55,000. Raheem and Niseema's deductible contribution for the year 2022 and any carryover to next year is: Multiple Choice $15,000 with $0 carryover to next year. $9,000 with $1,800 carryover to next year. $15,900 with $2,100 carryover to next year. $18,000 with $0 carryover to next year.
- Calvin reviewed his canceled checks and receipts this year (2022) for charitable contributions, which included an antique painting and IBM stock. He has owned the IBM stock and the painting since 2005. Donee Item Cost FMV Hobbs Medical Center IBM stock $ 7,800 $ 50,000 State Museum Antique painting 6,400 3,840 A needy family Food and clothes 680 410 United Way Cash 36,000 36,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Calvin's AGI is $240,000.In addition to cash contributions to charity, Dean decided to donate shares of stock and a portrait painted during the earlier part of the last century. Dean purchased the stock and the portrait many years ago as investments. Dean reported the following recipients in 2022: Charity Property Cost FMV State University Cash $ 15,200 $ 15,200 Red Cross Cash 14,600 14,600 State History Museum Painting 5,020 82,800 City Medical Center Dell stock 30,000 19,000 a. Determine the maximum amount of charitable deduction for each of these contributions ignoring the AGI ceiling on charitable contributions. b. Assume that Dean's AGI this year is $160,000. Determine Dean's itemized deduction for his charitable contributions this year and any carryover. c. Suppose Dean is a dealer in antique paintings and had held the painting for sale before the contribution. What is Dean's charitable contribution deduction for the painting in this situation (ignoring AGI limitations)? d. Suppose that…Your client has made all of these transfers. Which of these transfers will be excluded from the client's total gifts in the year made? Paid a hospital $11,000 for medical services rendered to a friend Paid a family member $15,000 so she could go to school Made a donation to the Democratic party Made a contribution to the Shriner's Hospital, which provides free medical care to children
- Kristin has written acknowledgments for each of the following charitable contributions during the current year: Cash contributions to her church $1,400 Contribution of used clothes and household items in good condition to Goodwill, valued at thrift shop prices (original cost, $1,200) $250 Kristin's estimate of the value of her time donated to a local animal shelter $1,500 Cash donated to homeless people asking for money for food $95 What is Kristin's charitable contribution deduction for the current year?[The following information applies to the questions displayed below.] Calvin reviewed his canceled checks and receipts this year (2023) for charitable contributions, which included an antique painting and IBM stock. He has owned the IBM stock and the painting since 2005. Donee Item Cost FMV Hobbs Medical Center IBM stock $ 8,200 $ 54,000 State Museum Antique painting 6, 600 3,960 A needy family Food and clothes 720 430 United Way Cash 40,000 40,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Note: Leave no answer blank. Enter zero if applicable. b. Calvin's AGI is $260,000, but the State Museum told Calvin that it plans to sell the painting.Taxpayer and spouse contribute money to various organizations each year and file a joint return. Their adjusted gross income for 2022 is $100,000. They contributed to the following organizations in 2022: $3,500 cash donation to the World Wildlife Foundation $10,000 cash donation to the Salvation Army $2,000 cash contribution to a local city council candidate $11,000 cash donation to a breast cancer research hospital Donated clothing to Goodwill. (The clothing was purchased for $375, but the thrift shop value of the same items at a local second-hand store is equal to $60.) How much can they deduct as charitable contributions for the year 2022?