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Submitted By: someone
Answered: April 7, 2017 8:36 am
Answered: April 7, 2017 8:36 am
I made charitable contributions in 2016 but I’m claiming the standard deduction. Can I carry over the unused deduction for these contributions to 2017?
No. Opting to claim the standard deduction is in lieu of any itemized deductions. The five-year carryover for charitable contributions applies only to amounts that were claimed as itemized deductions but were in excess of adjusted-gross-income limits.
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Tax Glossary
Exemption
A fixed deduction allowed to every taxpayer, except those who may be claimed as a dependent by another person. Extra exemption deductions are allowed for a spouse on a joint return and for each qualifying dependent. A deduction of $3,400 is allowed for each exemption claimed on 2007 returns, but the deduction is phased out for certain high income individuals.
