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Deductions & credits
"Therefore only 50% of your charitable donations are deductible from your taxable income."
No exactly.
The first 50% limitation provides that aggregate deductible contributions (including those subject to the separate 20% or 30% limitations) cannot exceed 50% of AGI.
Reference: https://www.thetaxadviser.com/issues/2013/mar/casestudy-mar2013.html
May 22, 2020
6:39 AM