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Charitable contribution carryover limit when a net opening loss exists
The tax application limits the charitable contribution carryover differently when the client has a net operating loss.
When determining the contribution carryover from a contribution year, UltraTax CS reduces the excess contribution to the extent that it reduces taxable income in that year. IRC Section 170(d)(1)(B) aims to prevent a double tax benefit by addressing the interplay between net operating losses and charitable contribution carryovers. It ensures that the excess charitable deduction can only reduce taxable income once.
This article applies to:
- PRODUCT: UltraTax CS
- Return type: 1040 Individual