Submitted By: someone
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

Deferred compensation

A portion of earnings withheld by an employer or put into a retirement plan for distribution to the employee at a later date. If certain legal requirements are met, the deferred amount is not taxable until actually paid, for example, after retirement.

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