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bufordp2
New Member

This year's deductions put me at -$11,000 (i.e. zero). Can I remove some of 2017 deductions (medical or charitable) and use them instead for next year's deductions?

 
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CathiM
New Member

This year's deductions put me at -$11,000 (i.e. zero). Can I remove some of 2017 deductions (medical or charitable) and use them instead for next year's deductions?

No, unfortunately, you cannot save them for next year. Deductions can only be taken for tax year the money was spent. But your unused charitable deductions may carry forward to next year, see below. However, due to an increase to the standard deduction for next year (which nearly doubles to $12,000 for singles and $24,000 for married couples who file jointly) many people will use the standard deduction instead of itemized deductions. Even if you could save them for next year, you may not end up using them.

Certain unused deductions carry forward. The IRS limits charitable contribution deductions to 50 percent of your income. If your contributions exceed the annual limit, you can carry the excess over for up to five years.

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1 Reply
CathiM
New Member

This year's deductions put me at -$11,000 (i.e. zero). Can I remove some of 2017 deductions (medical or charitable) and use them instead for next year's deductions?

No, unfortunately, you cannot save them for next year. Deductions can only be taken for tax year the money was spent. But your unused charitable deductions may carry forward to next year, see below. However, due to an increase to the standard deduction for next year (which nearly doubles to $12,000 for singles and $24,000 for married couples who file jointly) many people will use the standard deduction instead of itemized deductions. Even if you could save them for next year, you may not end up using them.

Certain unused deductions carry forward. The IRS limits charitable contribution deductions to 50 percent of your income. If your contributions exceed the annual limit, you can carry the excess over for up to five years.

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