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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
Individual retirement account (IRA)
A retirement account to which up to $4,000 (or $5,000 if you are 50 or over) may be contributed for 2007, but deductions for the contribution are restricted if you are covered by a company retirement plan. Earnings accumulate tax free.
