Ok, can't find any answers for this one. Any help?I have taken the standard deduction in all previous tax years. This year is the first year I can itemize, thanks to a house, etc. I have significant charitable contributions from the previous years while I was taking a standard deduction, none of which could be used/counted against taxes due (since the standard deduction was taken). Can I file these contribution amounts on the "Contributions Carryover from previous years" line on Sched A? If so, what portion of the standard deduction must be subtracted (a percentage that counts as charitable contributions)? Thanks in advance for your help.Hawk74(benefiting greatly from charitable carryovers since he converted a heavy traditional to a roth this year)
The only carryover of charitable contributions would be if you itemized and your contributions exceeded the allowed amount, generally 50% of your AGI. This amount is different if you gave appreciated property, then it is 30% of AGI.So the answer is no as previously stated.
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |