topic Re: charitable deductions in Deductions & credits

charitable deductions

noday123 — Mon, 17 Feb 2025 20:54:15 GMT

Every year I write off my charitable deductions, and this year it is only allowing 3k to write off. I’m missing 12,5k. I’ve used a CPA the last 10 years and I’ve never seen them say anything about a carryover. How do I fix this on my turbo tax for 2024

Re: charitable deductions

ThomasM125 — Tue, 18 Feb 2025 00:00:16 GMT

Since you mention your deduction is limited to $3,000, I believe you may be referring to a capital loss deduction, not a charitable contribution deduction. The net capital loss deduction is limited to $3,000 per year, there is not a similar limitation on charitable contributions. Charitable contributions are limited to a percentage of your adjusted gross income, typically 60%. I suggest you look on line 7 of your Form 1040 to see if the $3,000 capital loss limit is listed there.

To view your form 1040 and schedule 1 to 3:

Choose Tax Tools from your left menu bar in TurboTax Online
Choose Tools
Choose View Tax Summary
See the Preview my 1040 option in the left menu bar and click on it
Choose the Back option in the left menu bar when you are done

Line 11 would list your adjusted gross income, your charitable contributions would typically be limited to 60% of that amount in 2024.

You can learn more about charitable contributions in this IRS article.

Re: charitable deductions

noday123 — Fri, 21 Feb 2025 02:56:37 GMT

I am talking CHARITABLE carryover from previous years, not capital loss carryover. My charitable contributions add up to 17k but it only deducted 3k. It says have to look at past 5 years of charitable carryovers, but I've used a CPA for last 10 years and there was never mention of this, but full amount was deducted.

how do I find help for this?

Re: charitable deductions

KeshaH — Sat, 01 Mar 2025 22:21:47 GMT

If you'd like, we can look at your return and see exactly what you see to help come to a resolution. The return will be scrubbed and won't include any of your personal details.

If you're using TurboTax Online:

Once you're logged in to your account,

- on the left hand panel, click on Tax Tools and then choose Tools

- on the pop up window, select Share my file with Agent

- you'll see a message saying you'll give us a copy of your tax return. Your personal information will be changed so we can't see any private information.

- click okay and you'll get another message with a token

If you're using TurboTax Desktop:

Click on Online in the top menu of TurboTax Desktop for Windows
Select 'Send Tax File to Agent'
Write down or send an image of your token number and state then place in this issue.
We can then review your exact scenario for a solution

Please reply to this message with your token so that we can further assist you. Let us know all the states, if any, that are included on the return.

@noday123