Taxes: Carrying Over Charitable Givings

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Charitable contributions help to fuel our favorite charities in a financial way. Learn about carrying over charitable givings on your taxes with help from a CPA and partner at Safe Harbor, LLP in this free video clip.

Part of the Video Series: Taxes & Accounting
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Video Transcript

Hi I'm Chun Wong, a CPA and partner at Safe Harbor, LLP, a tax and audit firm based in San Francisco, California. Today's topic is taxes carrying over charitable givings. Charitable contributions help to financially fuel our favorite charities and provide us with a tax deduction. This charitable deduction is normally taken on Schedule A by itemizing the amount contributed on your form 1040. The deduction for your charitable contribution is normally limited to 50% of your AGI. So what happens if all of a sudden in mid year your income drops below the amount that you've already contributed? The unused portion of these charitable contributions are carried forward to another year for up to five years. However there is one caveat. In order for the carryovers to be used, your current year contributions must be used first. When donating to your favorite charity or your favorite cause, be sure that you can take fully the deduction that you've provided. Check with your local tax professional or email us at info@safeharborcpa.com.

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