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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
Tax deferral
Shifting income to a later year, such as where you defer taxable interest to the following year by purchasing a T-bill or savings certificate maturing after the end of the current year. Investments in qualified retirement plans provide tax deferral.
