Friday, July 13, 2012
Kay Bell notes that H&R Block's flashy campaign -- Superhero Economics: Bruce Wayne (Batman) v. Peter Parker (Spiderman) -- wrongly asserts that Batman would not be liable for any federal income tax on his $143 million income because of his $279 million of charitable giving:
Section 170(b)(1)(A) limits the charitable deduction to 50% of the taxpayer's adjusted gross income. So Batman would be taxable on roughly $72 million, leaving over $200 million of the charitable contribution deduction to be carried over to future years.
Update: H&R Block has corrected its mistake:
- Don't Mess With Taxes, Holy Amended Tax Infographic, Batman!, by Kay Bell
- Forbes: Batman (Files Amended Tax) Returns After H&R Block Admits Error, by Janet Novack