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
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:
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.
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?
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