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Can I allocate carryover contributions to be utilized first?

mikejuby369
Level 3
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
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itonewbie
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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Still an AllStar

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2 Comments 2
itonewbie
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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Still an AllStar
Accountant-Man
Level 12

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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