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In " its deductible," what do I enter for "payment type" for monthly withdrawals of the same amount from my bank account?

 
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6 Replies

In " its deductible," what do I enter for "payment type" for monthly withdrawals of the same amount from my bank account?

Are there choices?  EFT (electronic funds transfer) maybe?
♪♫•*¨*•.¸¸♥Lisa♥ ¸¸.•*¨*•♫♪

In " its deductible," what do I enter for "payment type" for monthly withdrawals of the same amount from my bank account?

Thank you for this answer!

In " its deductible," what do I enter for "payment type" for monthly withdrawals of the same amount from my bank account?

You're welcome.   
There is also a field marked "Additional Payment Details."   In that box you could put a note  how it was actually paid.

In " its deductible," what do I enter for "payment type" for monthly withdrawals of the same amount from my bank account?

Also in that section is a tiny blue link "Why do I need a receipt?"    Click on that to see what documentation is needed for various types and amounts of money transactions.    And perhaps the charity provides you an annual receipt/statement as well.

In " its deductible," what do I enter for "payment type" for monthly withdrawals of the same amount from my bank account?

The choices in the dropdown menu are:
  • 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.

wwj
Level 1

In " its deductible," what do I enter for "payment type" for monthly withdrawals of the same amount from my bank account?

Agree. Debit card hits the bank directly
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