Table 4. Filled-In Worksheet for Limit on Deductions. Summary: This is an example of the worksheet used to determine the limit on deductions (if any) that can be claimed as pertains
to the text.
The completed line items are:
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Under
“Step 1. List your charitable contributions made during the year.”:
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“1. Enter your contributions to 50% limit organizations. (Include contributions of capital gain property if you reduced the
property's fair
market value. Do not include contributions of capital gain property deducted at fair market value.)” field contains 2,000
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“2. Enter your contributions to 50% limit organizations of capital gain property deducted at fair market value” field contains
28,000
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“3. Enter your contributions (other than of capital gain property) to qualified organizations that are not 50% limit organizations”
field contains 5,000
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“4. Enter your contributions for the use of any qualified organization. (But do not enter here any amount that must be entered
on line
6.)” field contains 0
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“5. Add lines 3 and 4” field contains 5,000
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“6. Enter your contributions of capital gain property to or for the use of any qualified organization. (But do not enter here
any amount
entered on line 1 or 2.)” field contains 0
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Under
“Step 2. Figure your deduction for the year and your carryover to the next year.”:
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“7. Enter your adjusted gross income” field contains 50,000
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“8. Multiply line 7 by 0.5. This is your 50% limit” field contains 25,000
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“Contributions to 50% limit organizations:”
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“9. Enter the smaller of line 1 or line 8--Deduct this year” field contains 2,000
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“10. Subtract line 9 from line 1--Carryover to next year” field contains 0
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“11. Subtract line 9 from line 8” field contains 23,000
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“Contributions not to 50% limit organizations:”
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“12. Add lines 1 and 2” field contains 30,000
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“13. Multiply line 7 by 0.3. This is your 30% limit” field contains 15,000
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“14. Subtract line 12 from line 8” field contains 0
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“15. Enter the smallest of line 5, 13, or 14--Deduct this year” field contains 0
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“16. Subtract line 15 from line 5--Carryover to next year” field contains 5,000
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“17. Subtract line 15 from line 13” field contains 15,000
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“Contributions of capital gain property to 50% limit organizations:”
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“18. Enter the smallest of line 2, 11, or 13--Deduct this year” field contains 15,000
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“19. Subtract line 18 from line 2--Carryover to next year” field contains 13,000
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“20. Subtract line 15 from line 14” field contains 0
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“21. Subtract line 18 from line 13” field contains 0
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“Contributions of capital gain property not to 50% limit organizations:”
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“22. Multiply line 7 by 0.2. This is your 20% limit” field contains 10,000
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“23. Enter the smallest of line 6, 17, 20, 21, or 22--Deduct this year” field contains 0
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“24. Subtract line 23 from line 6--Carryover to next year” field contains 0
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Under
“Step 3. Summarize your deductions and carryovers.”:
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“25. Add lines 9, 15, 18, and 23. Enter the total here and on Schedule A (Form 1040)--Deduct this year” field contains 17,000
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“26. Add lines 10, 16, 19, and 24. Enter the total here. Carry it forward to Schedule A next year--Carryover over to next year” field
contains 18,000
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