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

Customer Question
My question is how much...
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
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12/1/2008
Tax Professional: Lev, Tax Advisor replied 8 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,164
Experience: Taxes, Immigration, Labor Relations
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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

 

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Customer reply 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 ?
Tax Professional: Lev, Tax Advisor 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
Lev, Tax Advisor
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Satisfied Customers: 30,164
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