Elon Musk’s Schedule A and the “Biggest Tax Bill in History”

Schedule A is used to Itemize Deductions, such as major medical expenses, taxes paid, mortgage interest and charitable donations.


(Excerpt from Yahoo Finance) The world’s richest man donated more than 5 million shares of Tesla, from Nov. 19 to Nov. 29, according to a filing with the Securities and Exchange Commission. The gift was worth about $5.7 billion, based on average prices the days he sold the securities. The name of the charity was not disclosed.

A large gift to charity would help reduce what Musk has said would be the biggest tax bill in U.S. history. Days before he completed a series of stock sales worth more than $16 billion — much of which was to cover the exercise of almost 23 million options — the CEO tweeted he would pay more than $11 billion in taxes for the year.