Leon Fiero has 2020 Net Income For Tax Purposes and Taxable Income of $70,400. Each week, without fail, he plays a nation-wide lottery. While over the years he has not had any winnings of consequence, his fortunes have changed and, in 2020, he wins over $320,000. Ashe had hoped to do for many years, he donates $120,000 of these winnings to the Canadian Cancer Society in 2020. He chooses to claim $15,000 of his donations in 2020. In 2021, his income remains at $70,400 and he makes no further donations.
Determine Mr. Fiero's charitable donations tax credit for 2020, as well as the maximum amount of the donation that he can use in 2021. Until what year can he claim any unused portions of his 2020 donation?

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The Answer of Leon Fiero has 2020 Net Income For Tax Purposes and Taxable Income of $70,400. Each week, without fail, he plays a nation-wide lottery. While over the years he has not had any winnings of consequence, his fortunes have changed and, in 2020, he wins over $320,000. Ashe had hoped to do for many years, he donates $120,000 of these winnings to the Canadian Cancer Society in 2020. He chooses to claim $15,000 of his donations in 2020. In 2021, his income remains at $70,400 and he makes no further donations.
Determine Mr. Fiero's charitable donations tax credit for 2020, as well as the maximum amount of the donation that he can use in 2021. Until what year can he claim any unused portions of his 2020 donation?

Leon Fiero Has 2020 Net Income for Tax Purposes and Taxable