Is there a maximum charitable contribution amount that can be claimed when itemizing deductions? If so, can charitable deductions be carried over to the following year if the max has been reached?
Same question regarding stock market losses?
If I have more charitable contributions than needed to eliminate taxes, will the stock market losses be carried over to the following year? Does Turbo Tax do this automatically?
Hi @MarkRN16! Generally, the charitable contribution limit is no more than 60% of your adjusted gross income, although in some cases that number can be less. Any contributions that cannot be claimed can be carried forward. If capital losses exceed capital gains for your stock market losses, you can claim up to $3,000 of those losses, with the additional amount being carried forward. Turbo Tax will track the amounts to carry forward for you automatically.
For your reference, I have included the IRS publication on charitable contribution limits if you want to see what would apply to your specific situation.