Entering appreciated stock donation to a Donor Advised Fund in Turbotax

[gem_tax]

Hi MarilynG,

Turbotax did not generate form 8283 for me. My taxes were submitted now I need to do an amendment. Can you help me with this please?

[JillS56]

Since you already filed your taxes you need to wait until your return is processed before you can amend it.   Once you receive your refund you will know that it has been processed.   However, do not assume that just because your check is cashed that your return has been processed.   If you owe, you can pull a transcript to check to see if your return was processed.   

To request either transcript online, go to www.IRS.gov and look for our new online tool, Order a Transcript. To order by phone, call 800-908-9946 and follow the prompts in the recorded message.

[jerfong]

I donated appreciated stock to DAF. The donated stocks showed up in my 1099-B as sold and report capital gain.  How do I complete the TT screen from Wages & Income>Investment Income>Stocks>? After several screens, one pops up for "Select any less common adjustments that apply." I think I should select "Some (or all) of the proceeds do not belong to me". Is that right? I know I have to complete Sch A for the charitable deduction.

Thanks!

[KlisterKid]

Schwab's confirmation statement for me in 2021 had this information:

The tax deduction for donating shares held for more than one year is generally the fair market
value of the shares on the date of the contribution. The deduction for donating shares held for one year or less is generally limited to the lower of cost basis or the fair market value on the date of contribution. Please consult your tax advisor for specifics on your own tax situation.

IMHO: gain or loss does not matter; it's just the dollar value of your contribution.

[Tersh]

I am using TT download. I entered stock contributed to DAF (as non-cash contribution of publicly traded stock), selected "none of the above" for the restrictions, and indicated the stock will be used for the mission of the DAF. Nonetheless, TT only credits the value of the stock when I purchased it, not the FMV. How can this be fixed?

[DaveF1006]

When non-cash donations are made, usually the FMV is used because this is usually lower than the cost of the donation.  I assume your FMV of the stocks are higher but unfortunately, if the amount you originally paid for the item is less than the FMV, you must use the original cost of the item. 

The IRS does not make distinctions between different property classes.

@Tersh