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Jeff1231
Returning Member

Deduction for Donor Advised Fund Contribution

Does TT Home & Business handle large DAF contributions if I don't itemize?  Does it do the 5 year carryover once the 60% of AGI is hit as well?  I'm winding down my small business and retiring and won't have enough deductions this year to break the standard deduction.  I'm planning on putting a chunk in a DAF but wanted to know if I can still use TT again this year.

 

Thanks

JK

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2 Replies

Deduction for Donor Advised Fund Contribution

You can only deduct a charitable contribution if you itemize. If f your contribution is large enough it may be greater than your standard deduction. 

Jeff1231
Returning Member

Deduction for Donor Advised Fund Contribution

Thanks - I thought that may be the only way.

 

J

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