Charitable Donations Flashcard: https://districtcapitalmanagement.com

Front

What is the average amount donated to charity per year by an individual?

Back

$5,931

Front

What percentage of income do people earning under $15,000 donate to charity?

Back

13%

Front

What is the recommended starting percentage of income to budget for charity?

Back

1%

Front

What is the maximum percentage of AGI that can be deducted for cash donations to public charities?

Back

60%

Front

Which of the following donations is NOT tax-deductible? Donation to a public charity, Donation to a church, Donation to a political campaign, Donation to a 501(c)(3) organization

Back

Donation to a political campaign

Front

What is the standard deduction amount for a single filer in 2025?

Back

$15,000

Front

What is the percentage of income given to charity by those earning $100,000-$199,999?

Back

3%

Front

What is the IRS limit for deducting appreciated asset donations?

Back

30% of AGI

Front

What should you do if your charitable contributions exceed the IRS limits?

Back

Carry forward the excess for up to five years

Front

What is a donor-advised fund?

Back

A fund that allows donors to recommend grants.