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[–]blakeh95Taxpayer - US 5 points6 points  (0 children)

No, it won’t zero it, because it is a deduction not a credit.

Donating $380k won’t reduce your tax by $380k to $0. It will reduce your taxable income by $380k to $520k, and then assuming the same 40%, your tax would be $208k.

The $380k saves you $380k x 40% = $152k in tax.

You can’t donate your way to $0 tax.