charitable carryover

[jacciu]

I made a $25,000 Charitable Gift to a charitable giving account I opened up.  With lower income than expected, the 60% limit affects my charitable gift deduction.  I understand I can carryover the 40% which I can not deduct ion 2022.  Please confirm.  

Additionally, since I'm in a lower tax bracket this year than I expect to be in next year, can I decide to carryover additional charitable gifts from 2022 to 2023, for example deduct $10,000 in 2022 and $15,000 in 2023, both coming from the $25,000 contribution made in 2022.  

Lastly, do I have until 4/18/23 to withdraw the entire contribution and re-contribute in 2023.

[ThomasM125]

I believe you are referring to a donor-advised fund. Most charitable contributions disallowed in the current year can be carried over for up to five years. You cannot pick and choose what year to apply your contributions to, you must use them in the year made, and carry over any unallowed deduction. You are not allowed to withdraw funds from a donor-advised fund, the contribution is irrevocable.

[jacciu]

Due to the loss of my wife and the step up in basis allowed, I can only deduct $13,000 of a $25,000 charitable contribution and the carryover form shows $12,000 being carried over to 2023.  Can I take the standard deduction instead of itemizing and carry over the entire $25,000.  I did a test run of just this and it kept my charitable carryover at $12,000

[AmyC]

Doubtful. This year it would likely be a carryover of $12,000 since this is the first year. You can review the special limitations and go through the worksheet.

Publication 526 states:

You can deduct your contributions only in the year you actually make them in cash or other property (or in a later carryover year, as explained under How To Figure Your Deduction When Limits Apply, later).  accounting.

You may be able to claim standard deduction in a year which has a carryover and there are special rules which are too complex for the IRS Pub 526 on Charity.

I am very sorry for your loss.