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Submitted By: someone
Answered: August 19, 2019 11:58 pm
Answered: August 19, 2019 11:58 pm
I have a carryforward of unused charitable contributions from before 2018. How do I handle the carryforward now in light of the 60% limit?
Cash contributions made to charity in 2018 and beyond are deductible up to 60% of adjusted gross income. If you have a carryover of a cash contribution because of the application of the 50% limit that applied prior to 2018, you can use the carryover in 2018 through 2025 up to the 60% limit.
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Tax Glossary
Itemized deductions
Items, such as interest, state and local income and sales taxes, charitable contributions, and medical deductions, claimed on Schedule A of Form 1040. Itemized deductions are subtracted from adjusted gross income to arrive at taxable income. The amount of itemized deductions is also subject to a reduction when adjusted gross income exceeds certain limits.
