How do you enter information into TT Premier for a charitable gift annuity where the gift is appreciated stock?

[Moe145]

The charity has told me what my charitable deduction amount is and I have entered.  Where /how do I enter my capital gain for this gift?

[HelenC12]

To enter your appreciated stock as charitable donations directly into TurboTax:

1. Open your return in TurboTax.
2. In the search box, search for donations and then select the Jump to link in the search results.
3. Answer Yes to Do you want to enter your donations for 2019?
4. Follow the instructions to enter your donations.

[gailrita1]

"tax expert" reply was not appropriate for a charitable gift annuity. if followed, amt used for a deduction will not be correct. 

[bz1111]

Tax expert answer is just for donation of appreciated stock, and not donation of appreciated stock for a charitable gift annuity.  I am also looking for an answer.

[ravkri]

Hi has anyone found out how to enter this information through TurboTax ? Thanks

[DaveF1006]

Please follow this example written by a tax expert in Turbo Tax. Select this link for more details.

[beisbol]

DaveF1006, your reply looks like it might be helpful, but... Your included link leads me right back to Moe145's initial question and its replies (including yours). So the link is recursive, and therefore not helpful at all.

The initial question is the same as mine -- in 2019 I contributed appreciated stock to a charity to fund a charitable gift annuity. The charity tells me that my 2019 deduction for the contribution is the difference between the amount I contributed and the actuarial value of the total income I'll receive from the annuity (based on my age and life expectancy). That value is not calculable from the FMV of the stock and my cost basis, nor does it relate in the slightest to the income I received from the annuity in 2019 (the charity gave me a 1099-R for that). The information needs to be entered on Form 8283; the charity gave me a "sample" 8283 with the needed data on it. However, I cannot enter information directly into TT's Form 8283; instead, it's entered in the Noncash Contribution Worksheet. There's no way to override what TT puts onto Form 8283, and I have found no guidance about how to proceed in this situation.

[Hal_Al]

@beisbol - In Moe145's case the charity told him the amount of his charitable deduction (the difference between the amount he contributed and the actuarial value of the total income).  Did they not tell you that? Are you sure the Form 8283 was a "sample" and not you actual amount to deduct.

It's my understanding that the capital gain is reported to you, each year, on your 1099-R and not entered as a deduction for 2019. It's in the calculated deduction value provided by the charity. 

Reference: https://www.kiplinger.com/article/retirement/T003-C000-S004-gift-annuity-offers-tax-break-retirement...

[beisbol]

Yes, the charity told me the amount of the 2019 deduction, on a copy of Form 8283 marked "Sample". I thought that was obvious from what I wrote about the difference between FMV and actuarial value. Even if it didn't say "Sample", I would really prefer to e-file, so I couldn't use that paper Form 8283.

If I were allowed to enter information on TT's 8283, I would copy that amount onto it and be done with the matter. But I can't do that, because TT fills the Form solely from information entered on the Noncash Contribution Worksheet (description of the shares contributed, FMV, cost basis, date of purchase, date of donation, etc.). If there's a way to answer the TT dialogue for that worksheet that will reproduce my charity's sample, I'd love to hear about it.

One more note -- I contributed shares of two different companies, so it appears that I have to enter data on two Noncash Contribution Worksheets.

[Hal_Al]

Yes,  "answer the TT dialogue for that worksheet"  will reproduce the form 8283 so you can e-file. Follow the interview. Enter the deductible amount the charity gave you as the FMV of the stock.

[gailrita1]

I have found a "work-a-round". It's not perfect, but it will allow you to submit the correct amt to the IRS.

The entry is made in the Donations section:

   - "add another charity"

   - when asked "what did you donate", click on "Items"  (not "stock")

   - click on "I'll value them"

   - add date; choose "publicly traded stock"

   - for description, enter stock donated

   - for "value" on next screen, enter amt. calculated by charity for your tax deduction

   - didn't really know what to check for how valued; chose "avg share price"

In addition, I think we have to mail the election form from the charity along with Form 8453 to the IRS.

It would be nice if Turbotax could help out on some of this!