What’s my maximum charitable deduction for 2023 if I donated both cash and stocks?
The laws are black and white for cash vs. non-cash assets: maximum of 60% of AGI for cash donations, 30% for non-cash asset donations. But what if you gave both in 2023? What is the maximum then?
The answer varies from one person to another and the specifics of how you gave last year. If you gave multiple asset types to charity, ask your advisors about what maximum deduction you should expect in 2023.
What is a charitable contribution carryover?
If you gave more than the maximum deduction available to you in 2023 and you’re starting to worry as you prepare your taxes, don’t fear. A charitable contribution carryover is still an option.
A charitable contribution carryover allows you to spread your charitable contributions over several years, providing you follow certain rules. That way, you can take the charitable tax deduction beyond just the year in which you gave.
The deduction limitation on carryovers in future years is still 60% of your AGI; you can carry over excess deductions for up to five years.
