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How would your taxable income change

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Question - Willie and Anna Belle are married and have no children or other dependents. The following is their tax information for 2021:

Anna Belle's salary $49,000

Inheritance from Willie's uncle 100,000

Insurance proceeds on life of uncle 500,000

Interest on Bibb County Municipal Bond 5,000

Interest on GM Bond 4,000

Anna Bell's Roth IRA contribution 5,500

Moving Expenses 4,000

Non-business bad debt loss 6,000

Short-term capital gain on sale of stock 10,000

Medical Expenses 9,000

Mortgage Interest Expense on first mortgage 8,000

Interest on home equity loan 3,000

State Income Taxes paid in 2021 3,000

Real Estate Taxes on Home 9,000

Cash Charitable contributions 1,000

Uniforms for Anna Belle's nursing job 1,000

Tax Preparation fee to H&R Block 500

In addition, a wind storm caused $15,100 worth of damage on their pool house. The homeowner's insurance did not cover the loss because Annabelle forgot to have this property listed on their insurance policy. This was not a federal disaster.

How would your taxable income change if the cash charitable contributions totaled $10,000 instead of $1,000?

Reference no: EM133090193

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