I am self-employed and have $23,500 in deductions, less than the standard deduction of $24,400. If my Charitable Contributions and other deductions don't count for this year, do they carry forward to next year? Thanks in advance.
No, you cannot carry forward charitable contributions that you cannot deduct because you do not itemize your deductions this tax year.
You may hear about carryforward charitable contributions but this is when you cannot use them because they exceed the allowable amount based on your income.
No, you cannot carry forward charitable contributions that you cannot deduct because you do not itemize your deductions this tax year.
You may hear about carryforward charitable contributions but this is when you cannot use them because they exceed the allowable amount based on your income.
Turbotax has carried forward my charitable contributions even though I went standard deduction for those years. 2020 I itemized and Turbotax put these charitable contributions into the itemizations. Before I file the tax return I want to verify this is correct.
Yes, it is correct that TurboTax carried your prior year carryforwards though you didn't itemize in those years and put them into the itemizations this year.