Question

If your charitable contribution exceed the limit (20%, 30%, etc.); then the excess amount : A....

If your charitable contribution exceed the limit (20%, 30%, etc.); then the excess amount :

A. Is lost, Too bad

B. Carries over to the next year, then it's lost

C. Carries over for 5 years, then it's lost

D. Carries over until either you use it or you die

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Answer #1

Here Answer is C,

As you can carry over contributions which are not able to deduct in current year over to next five years or till it is fully used whichever is earlier if it is not fully utilized within next five year it is lost (Publication 526).In taking deduction for carry over first deduction is allowable for current year contributions moreover carry over are subject to same limit in the category as are applied.

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