Bonnie has AGI of S60,000 in 2020 and 2021. She makes cash contibutions to public charities...
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Bonnie has AGI of S60,000 in 2020 and 2021. She makes cash contibutions to public charities of $40,000 in 2020 and $35,000 in 2021. Assume the contribution limitation is 60% of AGI for both years. Required: 1) Compute the allowed contributions for 2020 and 2022. 2) Compute the contribution carryover to 2022 (if any). Bonnie has AGI of S60,000 in 2020 and 2021. She makes cash contibutions to public charities of $40,000 in 2020 and $35,000 in 2021. Assume the contribution limitation is 60% of AGI for both years. Required: 1) Compute the allowed contributions for 2020 and 2022. 2) Compute the contribution carryover to 2022 (if any).
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