Yes, donations cannot exceed 50%, 30% or 20% of
your Adjusted Gross Income, the percentage is based on the type of donation (whether
cash or property) or to the type of organization. Your charitable contributions for the year
may have exceeded the amount you can deduct for this year. For more information please see TurboTax How
Does Your Charitable Giving Measure Up an excerpt is;
The IRS limits charitable deductions in certain circumstances, including:
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Gifts of financial assets held one year or less.
You can deduct the amount you paid for a stock or other security, but
can’t deduct any appreciation. In fact, you have to list the gain on
your tax return.
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Donation for which you got something in return. Say you bought theater tickets at a charity auction. You can deduct only the amount you paid over the tickets’ face value.
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Gifts to non-qualified organizations. Some
non-profits aren’t eligible to receive deductible contributions—for
example, because they urge people to vote for a particular political
candidate. IRS publication 78 lists the charities to which you can make
deductible donations. Again, TurboTax will tell you whether your
donation meets this requirement.
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The gift makes up a large percentage of your income.
Generally, you can deduct cash contributions in full up to 50% of your
AGI, donations of property up to 30% of your AGI and appreciated
long-term securities worth up to 20% of your AGI. Anything in excess of
these amounts can be carried forward to the next tax year, for a maximum
of five years.
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Gifts of vehicles. In many instances, you’ll get
far less by donating your car than by selling or trading it in. The IRS
allows you to deduct only the charity’s actual selling price, and
requires you to attach a statement of sale to the tax return. If the
charity uses your car, rather than resells it, you are entitled to
deduct the vehicle’s fair market value.
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