Joseph, a single taxpayer in the 25 percentage marginal tax bracket, makes an do

Question

Joseph, a single taxpayer in the 25 percentage marginal tax bracket, makes an dollar 8,000 contribution to his church on January 1 of every year. The charitable contribution is his only itemized deduction. In 2015, you advised him to make his contributions on January 1, 2015 (for 2015) and December 31, 2015 (for 2016) and the take the standard deduction in 2016. How much does Joseph save for 2015 and 2016 (in total) by bunching his itemized deductions in 2015? Assume the standard deduction for a single individual is dollar 6,300 in both 2015 and 2016. Dollar 0. Dollar 425 Dollar 1,575 Dollar 2,000 Dollar 4,000 Moving to another question will save the response.

Explanation / Answer

The Answer is $ 0 because the benefit of contribution made in previous year cannot be extended for next year.

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