Contributions (LO 5.9)
Jerry made the following contributions during 2019:
In addition, Jerry donated used furniture to the Salvation Army costing $400 with a fair market value of $200. Jerry has adjusted gross income of $45,000, the necessary written acknowledgments, and he itemizes his deductions.
Complete the Gifts to Charity section of Schedule A below to show Jerry's deduction for 2019.
IN THIS CASE , THE CONTRIBUTIONS MADE BY JERRY ARE THE ITEMIZED DEDUCTIONS UNDER SCHEDULE A :-
REPUBLIC PARTY 180
AMERICAN RED CROSS 200
FRATERNAL ORGANIZATION 100
ADJUSTED GROSS INCOME = 60% OF $45000
60 % OF ADJUSTED GROSS INCOME IS LESS THAN DEDUCTIONS SO THE COMPLETE DEDUCTION AMOUNT CAN BE GIVEN TO JERRY.
THEREFORE THE DEDUCTION AMOUNT IS RS 1780.
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