if an individuals charitable gifts for the year exceed the a

if an individuals charitable gifts for the year exceed the amount he can deduct under the percentage of AGI limitations, the excess contribution is A) never deductible B) carried forward 5 years C) carried back 3 years D) carried forward indefinitely

Solution

B.Carried forward 5 years.

if individuals charitable gifts for the year exceed the amount he can deduct under the percentage of AGI limitations, the excess contribution is allowed to be carried forward for a period of 5 years.