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Question
Can you calculate how much in charitable contributions I would need to make to push myself into a lower tax bracket?
AI accountant’s answer:
To help you understand how much you'd need to donate to push yourself into a lower tax bracket, I'll need to know your current taxable income and your filing status. However, I want to clarify that moving into a lower tax bracket may not save you as much in taxes as you might think due to the progressive tax system, meaning different portions of your income are taxed at different rates. Also, keep in mind that you'll need to itemize your deductions to benefit from charitable contributions on your tax return. If your itemized deductions are less than the standard deduction for your filing status, it may not make financial sense to itemize, and the donation wouldn't impact your tax liability. Please provide your taxable income and filing status, and I can give you an idea of how much you'd need to donate to potentially move into a lower tax bracket. But remember, my response is for informational purposes only and should not substitute the advice of a tax professional.
Comment from reviewer
David Bailey, EA, MBA
Not Correct.
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