What happens when the taxpayer's contribution exceeds the allowable limits?

chrisk · #1 (**permalink**) 07-09-2008, 11:42 AM

I have exceeded the contribution limits, does this mean I cannot take any further deductions?

Thanks...

TaxGuru · #2 (**permalink**) 07-14-2008, 11:45 AM

The excess contributions are carried over to following years and would be again subject to allowable limits as discussed earlier, that is the 50% or 30% of the AGI limit depending on the type of the donation and the nature of the non-profit organization.

Please also refer to the following articles that provide a further discussion on the allowable AGI limits.

Which Organizations qualify for the 50% Limit on AGI?

Which Organizations qualify for the 30% Limit on AGI?

What is the Special 30% Limit for Capital Gain Property made to 50% Limit Org's?.