Can someone please define for me what a carryover is (particularly as related to charitable contributions)? Also, are there additional types of carryovers?There is no limit placed on how much you can contribute to charity in a given year, but there is a limit on how much you can deduct on your tax return. Generally, it is 50% of your AGI, but under certain conditions the limit is less. If you are particularly generous one year, or your AGI drops suddenly, you may exceed the 50% limit. If you do, you can carry the unused deductions forward to the next year. For charitable contributions, you can bring forward an unused balance for up to 5 years.Other carryforwards are net operating loss, capital loss, investment interest expense, passive activity losses, and a variety of credits.Ira
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