Donor advised Fund and how to claim deductions

[ashgutala]

I'm using Fidelity charitable giving for the first time to make charity donations. I transferred money from my savings account and used the Fidelity charitable to recommend grants to specific charities I support. 

In Earlier years, I would donate directly to the charities and would report them as such for tax deductions. Since, this year, I used the Fidelity Donor Advised Fund(Fidelity giving), I'm wondering on how to report the deduction. 

Do I report the deduction as Fidelity Giving? Or do I give the actual charities that Fidelity donated based on my recommendation?

[tagteam]

I'll page Champ @Mike9241

[VolvoGirl]

Is this a QCD from your IRA account?  You would use the actual charity name.  The name doesn't go on your tax return.  Only the total goes to Schedule A deductions.  Unless you made a Qualified Charitable Distribution then it is not deductible.  But you don't report the IRA withdrawal as taxable income so it off sets the deduction.  

[ashgutala]

I setup a Fidelity giving account and transferred money directly from my savings account. 

[rjs]

You take the tax deduction when you put the money into the Fidelity Charitable Giving Account, which is a donor advised fund. Enter the contribution in TurboTax as a single contribution to the donor advised fund. The contributions from the donor advised fund to individual charities never appear on your tax return. The contributions to the charities are made by the donor advised fund, not by you.

[SteamTrain]

I've used them for many years.....though I send highly-appreciated Mutual Fund shares to Fidelity Charitable.

You report the initial $$ donation as going to Fidelity Charitable Gift Fund.   The $$ are used immediately as a tax-deductible donation for that year, even if some of your donation$$ aren't actually "granted"-out until a later year. 

Anything that goes out from the donor advised fund is not recorded in your taxes.

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The gift fund then allows you to send out $$ anonymously to charities (if you choose to do so).......which I also do for special situations (Hurricanes, tornados, earthquakes, Maui Fires...etc) which thus allows you to NOT get on their annoying mailing lists for the next 50 years (other than the ones you are already on)

[mv taxman]

I have same question with an add on.  I also gave from my taxable account a donation of stock to Fidelity DAF.  If I enter them as the charity and input the donated stock there is also the following questions that are asked.  Do I answer yes to the "I attached conditions on a donation" checkbox? 

If I click to learn more it would seem the following would apply:  "Specified how the donation should be used" since I allocate Grants within the DAF to charities I specify.

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Here is the "Learn More" info next to the "I attached conditions on a donation" checkbox:


You attached special conditions to a donation if you did any of the following:

- Specified how the donation should be used.

- Kept the right to take back the donation or decide future ownership.

- Allowed someone other than the charity to receive income from the donation.

If any of these conditions are attached to a donation, you may have to answer some additional questions.

[AbrahamT]

I would hit "None of the Above" instead of "I attached conditions on a donation" checkbox. This doesn't apply in your case. It would only apply when giving to a private donation not to a DAF.