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A client and her spouse's combined AGI for 2022 is $150,000 and wants to know how much more to donate to charity in order to
A client and her spouse's combined AGI for 2022 is $150,000 and wants to know how much more to donate to charity in order to itemize on their tax return.
Given:
- qualified medical expenses: $5,769
- real estate taxes: $3,590
- qualified mortgage interest: $5,053
- charitable donations to qualified organizations: cash $15,000 ; stock, FMV $3,000/Cost $2500 ; Noncash, FMV $1,000/Cost $4,500
Given all the above information, how much more should the client contribute for it to benefit their tax return? (please provide the breakdown and calculations of their itemized deductions - I need this dumbed down for myself).
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