Final answer:
Gina Hestopolis made cash and artwork charitable contributions that exceed the AGI deduction limits, and the amount beyond these limits can be carried forward to future tax years.
Step-by-step explanation:
The student asks about the charitable contribution carry forward for Gina Hestopolis, who has an adjusted gross income of $100,000 and made various contributions to her church and qualified charities, including a high-value artwork donation. The Internal Revenue Service (IRS) has rules that limit the amount of charitable contributions that can be deducted in a given year to a percentage of adjusted gross income (AGI). For 2021, a taxpayer may deduct contributions up to 100% of AGI for cash contributions to qualifying organizations and up to 30% for contributions of appreciated assets, like artwork. Since Gina contributed a total of $9,000 in cash and artwork valued at $60,000, and assuming she opts to deduct the fair market value of the artwork, her total contributions of $69,000 would exceed the AGI limitations. The excess amount may be carried forward to future tax years.