2

By receiving a lump sum payout from an annuity, which increases my AGI, will it reduce the percentage I can claim for a charitable contribution?

Any help would be appreciated. Thank you.

1

You can claim up to 50% of your AGI as charitable deduction.

  • More specifically by receiving a lump sum payout from an annuity, which increases my AGI to $600,000 and if I make a $175,000 charitable contribution, how much will it lower my tax bracket? Thank you. – E. Wells Dec 22 '13 at 22:31
  • According to forbes.com/sites/moneybuilder/2013/01/05/…, the top tax bracket is 39.6%, for income $400,000 and above (single filers). So it wouldn't lower your tax BRACKET at all, unless you are married and filing jointly. – ChrisInEdmonton Dec 22 '13 at 23:08

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