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mnlandrum
New Member

How to enter appreciated stock donations to a Donor Advised Fund (DAF)?

I make charitable contributions through a Schwab Donor Advised Fund in the form of appreciated stock that I have held for multiple years.  

 

Where in TT Online do I enter this? 

 

In "Deductions and credits", when I enter that I donated stock, TT asks for the date acquired and basis and then calculates me paying tax on the capital gain, which defeats the whole purpose of a DAF.

 

How do I enter the DAF contributions in TT such that I get the full deduction of the FMV?

 

TIA

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1 Reply
PattiF
Expert Alumni

How to enter appreciated stock donations to a Donor Advised Fund (DAF)?

Follow these instructions to enter the Stock donation. Please see the screenshots for details.

 

  1. When you enter the contribution in TurboTax, you should choose the Stock option in the list you will see. 
  2. You will then be asked to enter the date of the donation, stock symbol, value at the date of the donation, the date you acquired it, and cost basis of the shares. Make sure the date you acquired it is more than one year from the date of the donation.
  3. You will receive a 30% of adjusted gross income deduction for the contribution of appreciated securities held long-term. Any unused deduction can be carried over to future years. 
  4. This tells the IRS and Turbo Tax that this is a Donor Advised Fund contribution.

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