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Money and Finances
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[quote=Anonymous][quote=Anonymous]Somewhat confused......could anyone help me figure about the tax and donations? Our HHI is 250K, 2013 federal tax was about 50K (not much deduction except mortgage interest and donations). We donated about $7000, and I am wondering: if we donate $40k, can we bring out federal tax done to $10k, still pay overall $50k. Is there anything wrong with my calculation? Thanks.[/quote] Your math is completely wrong. If you donate $40k, your actual tax savings for that donation is your top marginal rate (probably 28%) times $40,000. So a donation of $40,000 would save you roughly $11,200 in taxes. This is assuming you itemize.[/quote]
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