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Rico makes $5,000 of cash donations in 2020. His itemized deductions exceed his standard deduction. What amount will Rico deduct as a for AGI deduction
Rico makes $5,000 of cash donations in 2020. His itemized deductions exceed his standard deduction. What amount will Rico deduct as a for AGI deduction for charitable contributions? His AGI in 2020 is $48,000.
a.$0
b.$48,000
c.$4,800
d.$300
e.$5,000
Please, explain clearly
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