Royce can deduct a maximum of what amount for qualified charitable contributions if he itemizes his deductions?

Royce can deduct a maximum of $24,000 for qualified charitable contributions if he itemizes his deductions because the IRS sets specific deduction limits for charitable contributions based on the taxpayer's adjusted gross income (AGI). For the tax years affected by the Tax Cuts and Jobs Act, individuals can deduct qualified charitable contributions up to 60% of their AGI for cash donations made to qualifying charities.

If Royce's AGI allows for this maximum deduction and he has made the contributions within the guidelines, he can indeed deduct up to this amount. It is important for taxpayers to be aware of their AGI and the percentage limits imposed on contributions, as these limits can vary depending on the type of charity and the nature of the donation. In this scenario, the highest allowed amount aligns with recent tax law provisions, making it reasonable for Royce to claim this deduction while itemizing.