Will Turbo Tax guide me through the accounting for a Charitable Gift Annuity (stocks and Cash) to a 501c3 for this year and subsequent years?

Forum|Forum|5 years ago
October 9, 2020
3 replies
34 views

Gift to Oregon State University Foundation. $158,258 in stocks, $90,000 in cash.

TurboTax Premier Online

Critter-3

Level 15

TT handles charitable contributions of both cash and stocks as well as the carryforward limitations ... go slow and read all the words on the screens as you travel thru the interview.

SteamTrain

Level 15

BUT...it sounds as if you cannot take the entire amount as a donation.......you should read the following links.

.....TTX does not determine the ( lower ) $$ amount that you would enter into the software as your donation amount. That amount has to come from the OSU Administrators of the annuity:

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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/where-do-you-report-a-charitable-gift-annuity-cash-other-than-the-1099-r-also-the-donee-has-provided/00/1068092#M118361

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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/gift-annuity-deductions/00/1006656

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and a Kiplinger article:

https://www.kiplinger.com/article/investing/t064-c000-s002-what-you-must-know-about-charitable-gift-annuities.html

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

Anonymous

not only are you not entitled to a deduction for the full FMV of the gift annuity you probably need to file a gift tax return. this is not a do it yourself type return. generally, the deduction depending on whether it is a lead or remainder annuity requires the computation of the present value of the gift.

TT does not do such computations