in [Event] Ask the Experts: Tax Law Changes - One Big Beautiful Bill
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I have an unusual tax situation in 2018 and 2019. I'm self employed in Minnesota. In 2018 I show a net operating loss (NOL). Conversely, in 2019, I will have a large income and will owe lots in taxes. Currently, doing my 2018 return, Turbo Tax is choosing the standard deduction for me, even though I have lots of charitable deductions ---- that are eligible for carry over to 2019 if I itemize. With no income in 2018, I don't care if I file using standard or itemized deductions. I pay no tax in 2018 either way. I have learned how to force itemized deductions for 2018, using the TT community.
Shouldn't I force itemized deductions for 2018 in order to enjoy the charitable deduction carryover for the 2019 tax year?
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makes sense to me
see the definition of a 'charitable carryover' ...it may be the reason for the 'force to itemize' option on Schedule A.
https://turbotax.intuit.com/tax-tips/general/tax-terms-glossary/L2M1PfoYy
Charitable carryovers
Generally, your deduction for donations to charity in one year cannot exceed 50% of your adjusted gross income for that year (30% in the case of donations of appreciated assets and contributions to private foundations). You can carry over any excess for the following five tax years. If you can't take your full charitable contribution deduction this year, TurboTax will automatically carry over the remainder to next year's return.
makes sense to me
see the definition of a 'charitable carryover' ...it may be the reason for the 'force to itemize' option on Schedule A.
https://turbotax.intuit.com/tax-tips/general/tax-terms-glossary/L2M1PfoYy
Charitable carryovers
Generally, your deduction for donations to charity in one year cannot exceed 50% of your adjusted gross income for that year (30% in the case of donations of appreciated assets and contributions to private foundations). You can carry over any excess for the following five tax years. If you can't take your full charitable contribution deduction this year, TurboTax will automatically carry over the remainder to next year's return.
But turbo tax should automatically track this carry over for you year after year. I shouldn't have to go doing this myself. How can I get a clearer answer on this.
Let me clarify! Its not and I don't know how to do it on my own. There is no telling how much of my charitable contribution impacted my total itemized deductions.
The carry over never moved forward if I exceeded the limit. Just a bunch of blank boxes appear for the past five years.
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