I just realized that I significantly under reported my charitable contributions in 2006. Should I ammend my 2006 return or can I simply add the amount to my 2007 charitable giving?
2007-09-15 08:21:30 · 9 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
You must amend 2006 tax return. Charitable contributions have to be taken in the year you make the donation.
2007-09-15 09:40:54 · answer #1 · answered by Anonymous · 1⤊ 0⤋
You can amend your 2006 return, but you cannot include charitable contributions paid in 2006 on your 2007 return
2007-09-15 08:29:34 · answer #2 · answered by IlDeluXeIl 2 · 3⤊ 0⤋
Your charitable contributions are deductible in the year of the donation, unless your contributions exceed 50% of your AGI. In cae your contributions exceeded 50% of your AGI, you still report those contributions in the year you donated, but the excess is carried forward.
You should amend your 2006 return to show the missing contributions, and receive a refund for that year. You cannot add the old contributions onto the current ones.
2007-09-15 08:47:38 · answer #3 · answered by ninasgramma 7 · 2⤊ 0⤋
You must amend your 2006 return to claim them. The only way to carry charitable donations forward is if you donate more than 50% of your AGI in any one year. In that case, the excess can be carried forward to the next tax year.
2007-09-15 08:43:41 · answer #4 · answered by Bostonian In MO 7 · 3⤊ 0⤋
Amend the 2006 return..
2007-09-15 08:37:35 · answer #5 · answered by Gerald 6 · 1⤊ 0⤋
Amend the previous years' return.
If you pledged them in 2006, or couldn't meet your pledge in 2006 and paid in 2007, then, they go on the 2007 return.
2007-09-15 08:27:41 · answer #6 · answered by TedEx 7 · 2⤊ 0⤋
ASIDE FROM WHAT MOST PEOPLE SAID ON DEDUCTING THEM ON THE YEAR DONATED AND THE 50% AGI CARRYOVER. JUST KEEP IN MIND THAT ON THE TAX YEAR 2007 ANY CHARITABLE CONTRIBUTION MUST BE DOCUMENTED EVEN IF IS $1.00,LAST YEAR AND PRIOR YEARS IF IT WAS UNDER $500 YOU DID NOT NECESARALY HAVE TO DOCUMENT IT AND PROVE IT JUST KEEP IN MIND.OFF COURSE $1 OR $500 DONT MAKE MUCH OF A DIFERENCE WHILE DEDUCTING.
2007-09-15 09:51:10 · answer #7 · answered by g.taxconsultant 1 · 1⤊ 0⤋
NO must be in year contributed, amend return it may not be worth your time unless it is a large contribution.
2007-09-15 08:29:44 · answer #8 · answered by Clark H 1 · 1⤊ 0⤋
No. It doesn't matter unless you give thousands away, anyway. They automaticaly figure in a number unless you come up with a whole lot. Last years' is over, though.
2007-09-15 08:30:13 · answer #9 · answered by Da Bomb 5 · 0⤊ 3⤋