Table 3. 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 by a taxpayer.
The line
items to be completed 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
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“2. Enter your contributions to 50% limit organizations of capital gain property deducted at fair market value” field
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“3. Enter your contributions (other than of capital gain property) to qualified organizations that are not 50% limit organizations”
field
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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
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“5. Add lines 3 and 4” field
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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
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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
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“8. Multiply line 7 by 0.5. This is your 50% limit” field
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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
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“10. Subtract line 9 from line 1--Carryover to next year” field
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“11. Subtract line 9 from line 8” field
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“Contributions not to 50% limit organizations:”
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“12. Add lines 1 and 2” field
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“13. Multiply line 7 by 0.3. This is your 30% limit” field
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“14. Subtract line 12 from line 8” field
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“15. Enter the smallest of line 5, 13, or 14--Deduct this year” field
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“16. Subtract line 15 from line 5--Carryover to next year” field
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“17. Subtract line 15 from line 13” field
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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
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“19. Subtract line 18 from line 2--Carryover to next year” field
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“20. Subtract line 15 from line 14” field
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“21. Subtract line 18 from line 13” field
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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
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“23. Enter the smallest of line 6, 17, 20, 21, or 22--Deduct this year” field
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“24. Subtract line 23 from line 6--Carryover to next year” field
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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
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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
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