JohnW222
Expert Alumni

Deductions & credits

No, by law you're not allowed to aggregate several years of donations and then claim them as an itemized deduction when they reach a high enough amount to provide a tax benefit.

According to the IRS in When To Deduct on page 13 of Publication 526, Charitable Contributions, "You can deduct your contributions only in the year you actually make them in cash or other property (or in a later carryover year)….

These limits on contributions are based on a taxpayer's adjusted gross income (AGI) in a given year, and that's when carryover comes into play -- from previous years when a taxpayer had more contributions than were allowable based on her AGI, and remainders are now being carried over to the current tax year.

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