Molly and Justin are considering contributing to a qualified tax-exempt organization. Their adjusted gross income (AGI) is $100,000. What is the maximum amount they can claim as an itemized deduction under the Tax Cuts and Jobs Act of 2017?

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Under the Tax Cuts and Jobs Act of 2017, taxpayers can deduct charitable contributions of up to 60% of their adjusted gross income (AGI) when they itemize deductions. For Molly and Justin, with an AGI of $100,000, the maximum amount they can claim as an itemized deduction is 60% of $100,000, which is $60,000.

Molly and Justin Are Considering Contributing to a Qualified Tax-Exempt