$300 charitable contribution carryover?

Forum|Forum|4 years ago
February 6, 2022
1 reply
11 views

I'm preparing a return here and it appears there's a $300 net operating loss carryover from 2020. It appears this is the 2020 $300 charitable contribution deduction last year on line 10B. The client had 2020 AGI of 13,700 but had no taxable income. She is retired elderly Widow. This $300 loss is coming forward apparently to this year? Is this correct or is it a program error?. I am researching now but I can't find anything definitive on it... maybe I missed something . Thanks for any help.

ProSeries Professional

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Best answer by TAXOH

I really the the answer is yes but if you want to research more:

https://giving.stanford.edu/stories/cares-act-and-charitable-contributions/

Individual taxpayers can continue to carry forward any excess charitable contributions for five years, but the enhanced 100 percent deduction limitation expires after 2021.

TAXOHAnswer

Level 10

I really the the answer is yes but if you want to research more:

https://giving.stanford.edu/stories/cares-act-and-charitable-contributions/

Individual taxpayers can continue to carry forward any excess charitable contributions for five years, but the enhanced 100 percent deduction limitation expires after 2021.

PATAXAuthor

Level 12

Thanks taxoh, it must be yes because Pro Series automatically brought that $300 forward from last year to this year as an nol. I'm going to check some of my CPE material. Thanks

TAXOH

Level 10

You're welcome.

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