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Submitted By: someone
Answered: May 21, 2018 11:15 pm
Answered: May 21, 2018 11:15 pm
In 2017 I had substantial medical expenses and large charitable contributions. Can I save part of my itemized deductions from 2017 and report them on my 2018 return?
No. Deductions usually must be claimed for the year in which they were paid. There’s no provision in the tax law allowing a person to “save” deductions and use them in a subsequent year.
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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.
