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Question for the Money Doctors

Question submitted on Feb 11, 2011.

Question

RE: Charitible deduction
If deduction is not claimed in year donated (2006) can the deduction be claimed for next year? If so, is it too late to file amended return?
Thanks

Answer

Assuming you are an individual, cash basis taxpayer, contributions must be claimed in the year they were paid.  However, you can generally file for a credit or refund within 3 years (including extensions) after the date you filed your original return or within 2 years after the date you paid the tax, whichever is later.  If you filed your original return early (for example, March 1 for a calendar year return), your return is considered filed on the due date (generally April 15). If you had an extension to file (for example, until October 15)  and you filed earlier, the date the IRS received it is considered your filing date, and would be the date your window to amend the return ends.

Use form 1040X to file for an amended return.  Your state will have it's own amended return form.


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