If you are filing your tax return as an individual, you will need to itemize your taxes if
(1 point)
Responses
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 provided responses are correct. You will need to itemize your taxes if your itemized deductions exceed the standard deduction amount set by the IRS for your filing status. The sum of your deductible contributions (such as charitable donations) is one of the items that you can include in your itemized deductions.
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 the price of merchandise you buy from charities.
The correct response is: It allows you to deduct $300 in charitable contributions.
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 Society
The correct response is: 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
The correct response is: 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.
The correct response is: It guarantees that you won't lose all of your money.
To determine if you need to itemize your taxes when filing as an individual, you need to consider the sum of your deductible contributions. Deductible contributions include expenses such as charitable donations and certain medical expenses.
If the sum of your deductible contributions is less than $300, you typically do not need to itemize your taxes. Instead, you can claim the standard deduction, which is a predetermined amount set by the IRS.
If the sum of your deductible contributions exceeds $300, you may benefit from itemizing your taxes. By itemizing, you can claim each eligible deduction individually, potentially reducing your taxable income and overall tax liability.
However, if you do not have any deductible contributions, you do not need to itemize your taxes. Instead, you can simply claim the standard deduction.
It's important to note that donating to a religious institution is considered a deductible contribution, so if you have made such a donation, it will be factored into determining whether you should itemize your taxes or claim the standard deduction.