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New Member
posted Mar 17, 2022 10:02:59 PM

I set up a charitable remainder unitrust in 2021. How can I claim the tax credit?

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1 Replies
Expert Alumni
Mar 18, 2022 7:11:11 AM

You get a contribution deduction, not a tax credit, from the discounted present value of the money you will leave when your charitable remainder trust is liquidated. TurboTax cannot help you calculate that amount, but if you know the amount you can enter it in TurboTax.

 

You enter it in the Deductions and Credits section, then Charitable Donations, then Donations to Charity 2021. Choose the Items category and work through that section. Choose Other Intangible Property for the type of property contributed. Choose the Present Value method of determining the value of your contribution.

 

Here is some information you may find helpful in calculating your contribution:

 

Charitable remainder trust