Charitable Remainder UniTrust

[Traderfox]

I established a charitable remainder unitrust in 2022.  In May 2022, I transferred stock of a public company to it and need to know how I enter the allowed charitable deduction into Turbotax.  Where is that done and what information do I need to provide?

[RobertB4444]

Contributions to a charitable remainder trust require that you do a little math.  According to the IRS:

Contributions to a charitable remainder trust qualify for a partial charitable deduction. The deduction is limited to the present value of the charitable organization's remainder interest. This is calculated as the value of the donated property minus the present value of the annuity.

(Here is the link to the IRS page.  Check about halfway down.)

So you need to do the math first on how much is deductible and then you'll go to the charitable donations page under 'Deductions and Credits' on your federal return.  There is a section there for stock donations.  Just enter in what you donated and the value you've calculated and you should be all set.

@Traderfox