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Retirement tax questions
The choices in the dropdown menu are:
It's kind of a tossup. None are a nice clear example of an electronic bank draft. Since it's going directly from your bank account to the charity, I'd tend to choose either "check" or "debit card", although it technically is not either one. I'd lean toward "debit card" since it's a bank debit. The end result is the same, however. And that payment method info does not get sent to the IRS; it's for your records. Just be sure to keep your bank statement as a record in case the IRS ever asks for any proof. And perhaps the charity provides you an annual receipt/statement as well.
- cash
- check
- credit card
- debit card
- payroll deduction
It's kind of a tossup. None are a nice clear example of an electronic bank draft. Since it's going directly from your bank account to the charity, I'd tend to choose either "check" or "debit card", although it technically is not either one. I'd lean toward "debit card" since it's a bank debit. The end result is the same, however. And that payment method info does not get sent to the IRS; it's for your records. Just be sure to keep your bank statement as a record in case the IRS ever asks for any proof. And perhaps the charity provides you an annual receipt/statement as well.
‎June 5, 2019
11:35 PM