DMarkM1
Expert Alumni

Deductions & credits

It depends.  You can carryover excess charitable donations only.  The excess is determined by the charitable donations limit based on your Adjusted Gross Income (AGI).   Generally, 60% of AGI is the donations limit however there are 100%, 60%, 30% and 20% limits as well.  Here is Publication 526 for reference  (see the sections on "Limits"). 

 

So for example your adjusted gross income is 20,000 and you donated 10,000 to your Veterans Group you would be limited to 30% or 6,000 donation for the year to that type of charity.  Therefore $4000 would be excess donation that could be carryover up to five years.  The excess is computed as if you itemized even if you choose the standard deduction for the donation year.

 

In your 2020 or prior year return look for the Charitable Contributions Summary worksheet.  Part III will have the carryover information.

 

 

 

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