Charitable Tax Deductions

[luvflyin]

So my moms tax dude, dudette actually, calls me and says the summary she sent her don’t make no sense. I go look at it and yeah, don’t make no sense. Go to moms and it don’t make no sense to her either. It’s about charitable deductions. So I get that all sorted out. But when doing so I find one for back yonder in 2020 for a thousand bucks she missed. So I call tax dudette and tell her about it and maybe she should do a 1040X for 2020. She says it ain’t no thang, we’ll just stick it in on the 2021 return. Then the voices in my head start mumbling about Audit and I tell her so. She once again says it ain’t no thang, don’t worry about it, they won’t care. Then the voices say run it by POA. So here we are. Whadda ya all think.

 

[Salty]

 

[Sac Arrow]

Sometimes they care about the little things, sometimes they don't. They have actually corrected mistakes I made in their favor a couple of times. But these days I don't do my own taxes. Your tax woman -should- know proper protocol.

 

[flyingron]

In general, you have to take the deduction in the year that you made the donation. You can't just stick it in a subsequent year. There's a concept called charitable carryover where you declared a contribution but you couldn't deduct it all due to AGI limitations, but you still have had to have declared it in the year you made the donation, you can then pick up the unused part the next year.

 

[luvflyin]

In general, you have to take the deduction in the year that you made the donation. You can't just stick it in a subsequent year. There's a concept called charitable carryover where you declared a contribution but you couldn't deduct it all due to AGI limitations, but you still have had to have declared it in the year you made the donation, you can then pick up the unused part the next year.

Carryover isn’t a factor

 

[luvflyin]

Lol. So uh, ya want me to dummy it down for you