Barney Smith has only one itemized deduction item,the $4,400 he gave to his church.His standard deduction this year is $6,200,and he is in the 15% marginal tax bracket.How much will his contribution to the church save Barney in taxes this year?

Question

Quizplus · Accepted Answer

Barney should take the standard deduction of $6,200 instead of itemizing the $4,400 donation, as it is higher. Therefore, the donation does not provide any additional tax savings.

Barney Smith Has Only One Itemized Deduction Item,the $4,400 He