Submitted By: someone
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.

Tax Glossary

Keogh plan

Retirement plan set up by a self-employed person, providing tax-deductible contributions, tax-free income accumulations until withdrawal, and favorable averaging for qualifying lump-sum distributions.

More terms