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How do I enter a contribution made to a donor advised fund account https://www.schwabcharitable.org/donor-advised-funds (turbo tax requires entering a specific charity)

Turbotax tool requires entering a specific charity but contribution to DAF is deductible even if not donated within the tax year
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7 Replies

How do I enter a contribution made to a donor advised fund account https://www.schwabcharitable.org/donor-advised-funds (turbo tax requires entering a specific charity)

You deduct as a charitable donation what you donated to the DAF in the year you donated it if you itemize.  Any charitable distribution from the Fund itself is not deductible by you. 

How do I enter a contribution made to a donor advised fund account https://www.schwabcharitable.org/donor-advised-funds (turbo tax requires entering a specific charity)

Yes, thanks. I understand that part. 

 

My question is in the turbotax tool when it asks for "name of the charity" is it ok to put Schwab Charitable account? or how should I enter this contribution into the turbotax software

How do I enter a contribution made to a donor advised fund account https://www.schwabcharitable.org/donor-advised-funds (turbo tax requires entering a specific charity)

If you donated to Schwab Charitable account in 2022 that is what you report in TurboTax. 

How do I enter a contribution made to a donor advised fund account https://www.schwabcharitable.org/donor-advised-funds (turbo tax requires entering a specific charity)

And is the correct thing to do to enter "Schwab Charitable account" in the text field where it asks for charity name? 

How do I enter a contribution made to a donor advised fund account https://www.schwabcharitable.org/donor-advised-funds (turbo tax requires entering a specific charity)

Yes. 

How do I enter a contribution made to a donor advised fund account https://www.schwabcharitable.org/donor-advised-funds (turbo tax requires entering a specific charity)

 As advised @DaveF1006, you would follow the steps below:

 

  1. Open TurboTax.
  2. Federal > Deductions & Credits > Charitable Donations > Donations to Charity in 2022.
  3. Start or Revisit.
  4. On the screen, "Donations," select "Yes."

 

   5.  On the next screen, enter the name of the Charity and select "Add" next to Stock.

 

 

  1. Continue. Answer the questions regarding your "donor advised stock.
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How do I enter a contribution made to a donor advised fund account https://www.schwabcharitable.org/donor-advised-funds (turbo tax requires entering a specific charity)

Probably "Schwab Charitable Fund" is a more accurate name for the charity itself. 

You are giving to that charity...even if you have an account within the fund.

_________

One of the Schwab descriptions/notes says:

 

"Schwab Charitable Fund™ is recognized as a tax-exempt public charity as described in Sections 501(c)(3) .....etc..."

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

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