How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Lev Your Own Question
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29535
Experience:  Taxes, Immigration, Labor Relations
870116
Type Your Tax Question Here...
Lev is online now
A new question is answered every 9 seconds

I make 102,317 per year, I am single and rent in California.

Resolved Question:

I make 102,317 per year, I am single and rent in California. My question is how much deductions do I need in donations suuch as clothing,appliances and cash donations to receive 6-7k in a tax refund ? My federal taxes are 15,400, my FICA is 6,200 my CA Income Tax is 5,900 and medicare is 1,500.
Submitted: 8 years ago.
Category: Tax
Expert:  Lev replied 8 years ago.

Hi,

as you already have $15,400 federal income tax withheld and want $7000 to be refunded to you - your total federal income tax obligation should be $15,400 - $7000 = ~$8,400

 

That means - your taxable income should be $48,000 - assuming you do not have any tax credits.

 

To get to this point - your deductions should be $102,317 - $48,000 - $54,317,

from which $3500 - personal exemption and $50,817 - itemized deductions

 

itemized deductions include

-- CA Income Tax is $5,900

-- property taxes (on your car or any other property you own)

-- medical expenses (above 7.5% of AGI)

-- charitable contribution

-- job related and some other expenses (above 2% of AGI)

-- etc

 

From the information above you have CA Income Tax $5,900 - you need to come up with $50,817 - $5,900 = $44,917

 

Customer: replied 8 years ago.
would it seem out of the ordinary or normal for someone with my income claiming 44,000 in deductions such as charitable donations such as clothing,appliances, housewares and cash donations ?
Expert:  Lev replied 8 years ago.

Normally - people who itemize - use mortgage interest and real estate taxes as a largest part of itemize deduction.

There is a relatively small group of people who claim job related expenses (even some do not own the home) - that depends on the occupation.

 

The IRS closely watches charitable contribution deductions...

While - there is nothing wrong in taking legit deductions - that will definitely draw some attention.

You need to have a proof of deductions. See more details in the IRS Publication 526 - http://www.irs.gov/pub/irs-pdf/p526.pdf

 

You may also need to be familiar with the Publication 561, Determining the Value of Donated Property - http://www.irs.gov/pub/irs-pdf/p561.pdf

 

Lev and other Tax Specialists are ready to help you