First time this year we filing itemized. Can I count all my previous year's donations as "carryover" this year

Question

While going through TaxCut wizard I saw an option called "Carryover Donation" from last 5 years. I donated during last five years to charity, but was not able to show it on tax return since I was doing 1040EZ standard deduction until this year.(because I bought a new home)

Answer 1

You can only deduct what you paid out in the year it was paid, You can not include prior year donations on the 2006 Return

Publication 526http://www.irs.gov/publications/p526/index.html

Answer 2

No. You can only claim the contributions you paid in the current year. The carryover contributions are solely for excess contributions that you made and claimed for tax purposes in the previous years, but because of AGI limitations, they were not deductible in that year.

Answer 3

No. That carryover line is for deductions that were denied in prior years for exceeding 50% of your income. Deductions can only be claimed in the year they were made.

Answer 4

No. You report and deduct contributions in the year you made them. "Carryover" is for contributions you reported as itemized deductions in a previous year, but couldn't take them then because they exceeded the limits for deductions.

Answer 5

Nope, sorry. Carryovers are for those who filed a return, listed deductions and for various reasons, wasn't able to get full credit for those and officially got to carry them over.

Answer 6

nope. the "carryover" refers to charitable deductions taken in the prior year that were limited due to some reason like not having enough income. if you didnt get the tax benefit of the deduction, it would carryforward 5 years.

you did not claim these deductions in the year they were paid since it didnt benefit you to itemize. you cannot go back and claim them this year.