I found in Publ 526 for charitable contributions the following: 'Qualified cash contributions for 2020. If you make a qualified cash contribution for tax year 2020, your deduction for the cash contribution
is limited to 100% of your adjusted gross income (AGI) minus your deduction for all other
contributions. ' But my additional deductions added to my charitable deductions exceeded my AGI, which from the previous IRS citation sounds like it should not have happened. If I can apply carryover contributions (all cash to qualified 50% charities) then the amount allowed should have been my AGI minus my other deductions.
I was concerned that I might not be able to deduct my previous year charitable donations at a 100% level because of the following citation in Publ 526 in the section about Carryovers: 'Contributions you carry over are subject to the same percentage limits in the year to which they are carried. For example, contributions
subject to the 20% limit in the year in which they are made are 20% limit contributions in the year
to which they are carried.' That statement would have made me think I could not apply previous year charitable contributions to this year because for this year my 2020 charitable contributions already exceed 60% of my AGI, the maximum percentage allowed in any previous year. Once again, if you could please comment I would appreciate it.
