If you are filing your tax return as an individual, you will need to itemize your taxes if
choose one
the sum of your deductible contributions is less than $300.
the sum of your deductible contributions is less than $300.
the sum of your deductible contributions exceeds $300.
the sum of your deductible contributions exceeds $300.
you don’t have any deductible contributions.
you don’t have any deductible contributions.
you donated to a religious institution.
None of the above options are correct.
If you are filing your tax return as an individual, you will need to itemize your taxes if the sum of your deductible expenses exceeds the standard deduction set by the IRS. The standard deduction for the 2020 tax year is $12,400 for single individuals. Therefore, if your deductible expenses, including deductible contributions, are less than $12,400, it would be more beneficial to take the standard deduction rather than itemizing your deductions.
that didnt help choose one
Apologies for the confusion. The correct answer would be:
- If the sum of your deductible contributions exceeds $300.
Filing as an individual, you would need to itemize your taxes if your deductible contributions (which include charitable donations) exceed $300. Itemizing your taxes allows you to claim deductions for specific expenses, including charitable contributions, rather than taking the standard deduction.
What does the CARES Act allow regarding charitable contributions?
(1 point)
Responses
It allows the government to tax your charitable contributions.
It allows the government to tax your charitable contributions.
It allows you to deduct $300 in charitable contributions.
It allows you to deduct $300 in charitable contributions.
It allows you to create a 501(c)(3) organization.
It allows you to create a 501(c)(3) organization.
It allows you to deduct the price of merchandise you buy from charities.
It allows you to deduct $300 in charitable contributions.
The CARES Act allows taxpayers who do not itemize their deductions to claim a deduction of up to $300 for cash contributions made to qualified charitable organizations. This deduction is available for tax years beginning in 2020 and applies to individuals who take the standard deduction. It provides an additional tax incentive for individuals to make charitable donations, even if they do not itemize their deductions.
What does the IRS stand for?
(1 point)
Responses
Internal Revenue Service
Internal Revenue Service
International Revenue Service
International Revenue Service
Internal Reward Service
Internal Reward Service
Internal Revenue Society
Internal Revenue Service.
Which is an example of a financial institution?(1 point)
Responses
a government regulatory agency of money
a government regulatory agency of money
the IRS
the IRS
a group of investors
a group of investors
a retail or commercial bank
A retail or commercial bank.
What does it mean when a bank is FDIC insured?(1 point)
Responses
It has insurance on the building.
It has insurance on the building.
It has insurance on its investments.
It has insurance on its investments.
It guarantees that you won't lose all of your money.
It guarantees that you won't lose all of your money.
It is one of the top 100 banks in the world.