Patricia's AGI was $80,000 in both 2012 and 2013.She made cash contributions to public charities of $43,000 in 2012 and $45,000 in 2013.Patricia's charitable contribution carryover to 2014 is:

Question

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The IRS limits cash contributions to public charities to 50% of AGI. For 2012, Patricia could deduct $40,000 (50% of $80,000), leaving a $3,000 carryover. For 2013, she could again deduct $40,000, leaving a $5,000 carryover. The total carryover to 2014 is $3,000 + $5,000 = $8,000.

Patricia's AGI Was $80,000 in Both 2012 and 2013