ColeenD3
Expert Alumni

Deductions & credits

You have the option of taking the standard deduction or itemized deductions. The standard deduction for Married Filing Jointly in 2020 is $24,800. If one of you is over age 65, the deduction increases to $26,100 and if you are both over age 65, then the amount is $27,400. If your itemized deductions are lower than your standard deduction, you choose it.

 

You would have had no carryover with an AGI that high if the donation amount was the same.