Can I allocate carryover contributions to be utilized first?

Forum|Forum|6 years ago
June 3, 2020
2 replies
19 views

I have an individual with contribution carryovers (30% capital gain prop), some of which is going to expire next year. PTO is using current year contributions (50% limitation) first

ProConnect Tax Online

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Best answer by itonewbie

PTO is handling it correctly. Charitable contributions actually made during the year always take precedent over carryover. See §170 and §1.170A-10.

itonewbieAnswer

Level 15

PTO is handling it correctly. Charitable contributions actually made during the year always take precedent over carryover. See §170 and §1.170A-10.

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Accountant-Man

Level 13

The only way to have used those expiring c/o's is to have avoided paying any new charity during 2019.

This is a failure of tax planning during 2019. The client should have been aware of the expirations and held off on making new donations until after 2019.

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