ThomasM125
Employee Tax Expert

Deductions & credits

I did a trial of what you explained and my TurboTax product worked as intended.

 

You can deduct the fair market value (FMV) of the stock if you held it for more than one year and the charity used the stock in furtherance of the mission of the charity.  When you edited your entries you would see what you entered for the FMV, date stock acquired and date sold, along with the purpose to which the contribution was applied by the charity. 

 

I suggest you look on your Schedule A on line 12 to verify that the value of your contributions is what is being deducted, assuming they qualify for the maximum deduction. If so, then your return will reflect the correct deduction for the donated stock. You will be able to see the Schedule A after you have paid for your TurboTax product if you are working online with the program.

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