Question
In the case of a charitable contribution to a qualified organization, you are required to obtain a statement from the recipient organization: Select one a.
In the case of a charitable contribution to a qualified organization, you are required to obtain a statement from the recipient organization: Select one
a. On or before the date you file your tax return
b. If the gift is $250 or more
c. A description of any goods or services provided by the organization in return for the gift and an estimate of the value of such goods or services
d. All of these
In 2019, James incurred total qualified medical expenses of $6,650. His 2019 AGI was $40,000. In 2020, he received a partial reimbursement of these expenses in the amount of $4,200 from his insurance company. He claimed the standard deduction in 2020. How much of this reimbursed amount must James report as gross income on his 2020 tax return?
Select one:
a. $4,200
b. $3,650 (the amount in excess of 7.5% of his 2019 AGI)
c. $3,000
d. $0
Step by Step Solution
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Step: 1
ANSWERS 1 A On or before the date you file your tax return A charitable organization must provide a written disclosure statement to donors of a quid p...Get Instant Access to Expert-Tailored Solutions
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Step: 3
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