For 2014, Eugene and Linda had adjusted gross income of $30,000. Additional information for 2014 is as follows: What is the maximum amount that they can use as a deduction for charitable contributions for 2014?

Question

Quizplus · Accepted Answer

The maximum amount that Eugene and Linda can use as a deduction for charitable contributions for 2014 is calculated as follows:
First, determine their adjusted gross income (AGI) limit: $30,000 x 0.50 = $15,000
Next, determine their contributions limit: $15,000 x 0.50 = $7,500
Finally, determine the total of their contributions: $6,600
Since their contributions limit is less than their total contributions, the maximum amount they can use as a deduction for charitable contributions for 2014 is $6,600. Therefore, the correct answer is C)$1,900.

For 2014, Eugene and Linda Had Adjusted Gross Income of $30,000