I forgot to make a charitable contribution deduction on my 2005 tax return. Can I add that to my 2006 return?

Question

If I can't add it to my 2006 return, how much of the 1040X do I fill out? I don't get it.

Answer 1

You can't add it to you 2006 return. In column A you should put the amount on your original return, column B is the amount you are changing(increase or decrease), column C is the new amount. For an amount you do not change, enter the amount from column A in column C. Here's the link for the instructions for Form 1040 X(page 3)

Answer 2

First off, no, you can't claim the 2005 charitable contribution deduction in 2006. It has to be claimed on the 2005 return. For the 2nd part, I am assuming that you itemized on your original tax return, because if you took the standard deduction instead of itemizing, then you might not need to file an amended 1040X, because your return wouldn't change, unless the charitable contribution brought your itemized deductions above the standard deduction. If you did itemize on the original return, or if your itemized deductions are now higher than the standard deduction because of this charitable contribution this is what you need to do. Fill out in column A the original tax return information. Put in column B the changes to the tax return, which would be the increase in the itemized deductions, the decrease in the taxable income, and any changes in the tax, credits, or taxes. Column C should now reflect the corrected return information and will show you hopefully how much your additional refund should be.

Answer 3

No, you have to take the deduction in the year you paid it, so you'll have to amend 2005 to take it.

Fill out a 2005 return with the corrected amounts, lay them side by side, and fill in the lines on the 1040X - you'll have to fill out the whole front of the form, although if one or more of the lines is blank on both your original and your revised 1040.

The amounts from your original return go in column A, the amounts from your revised return go in column C, and on lines 2, 5, 6, 8 and 10, you'll put the difference in column B since those will be different. Fill out lines 16-24 where applicable. On the back fill in part II, write "charitable contribution made in 2005 but not deducted on original return filed." Include a copy of both the original and the new schedule A - you don't have to send a copy of the rest of either return.

Answer 4

Your 2006 tax return is for the paintings you probably did in 2006 besides the fact that it truly is not filed till after the top of the financial twelve months, that's December 31, 2006 for many persons. additionally, for many persons tax returns are actually not due till April fifteenth of here twelve months to allow time so which you would be able to acquire all the tax information you will want as a fashion to report your tax return because of the fact which you won't be able to report your tax return till when you acquire all your tax information alongside with your W-2s or 1099s.

Answer 5

No. File a 1040X for 2005 to reflect the changes. Remember to use the 2005 tax tables, though.

Answer 6

No! What you need to do is make an amended return for 2005.
This will seperate the deduction from your 2006 income and apply it to the proper tax rate of your 2005 income.

Answer 7

If you itemized your retun you could amend last years ... but I do not think it is worth it .. speak with your tax professional about your specific situation....

But if you took the standard deduction on your return then you did not miss anything ....

Good Luck!