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Returning Member

IRS Form 8283

For tax year 2019 I added to my existing Schwab Charitable Account. Schwab sent me the FMV of the appreciated stock. I entered the amount ($10,883) in the itemized deduction schedule. Upon completion of my return, I ran the final review. TurboTax Deluxe found no errors. However, I can find no trace of IRS Form 8283. Is it no longer required?

3 Replies
Highlighted
Expert Alumni

IRS Form 8283

No, Form 8283 is still required. You are correct. To confirm if Form 8283 is in your return, I suggest checking your downloaded PDF.

To get the download, here are the steps:

  • From the left menu, select Tax Tools>
  • Print Center>
  • Print, save or preview this year's return
  •  

For donor advised funds do not identify the contribution as stock, but as an item if you retained any control or attached conditions to the donations. Instead of entering the stock as stock, select Items in the interview to provide additional details.

 

To access your charitable donations area, follow these steps:

  • Once the left menu is there, select Federal
  • Donations & Credits
  • Donations to Charity in 2019
  • Add another charity
  • Items click Add
  • I'll value them and follow through the rest of the questions 

To delete a prior entry, the steps are below:

  • Once the left menu is there, select Federal
  • Donations & Credits
  • Donations to Charity in 2019
  • At Review All Your Charities, click the Trash Can Icon next to the Charity to delete the entry

Click the link for IRS Publication 526 Charitable Contributions beginning on page 12 for Capital Gain Property that has increased in value.

 

 

Other scenarios where a Form 8283 would not be required even though a noncash donation was made, may apply to you in the future, but do not appear to apply regarding your Charitable Account donation currently.

  • In the case of a qualified charitable distributions from IRAs, there is no deduction as a donation, but zero tax on the distribution.
  • And in the event that the itemized deductions were less than the standard deduction, there would be no Form 8283.
Highlighted
Returning Member

IRS Form 8283

Your response did not give me a conclusive answer to my concerns about IRS Form 8283.

I established my Charitable Account in 2015. I have used TurboTax for nearly 20 years with no problems – my returns have always been promptly accepted by the IRS.

For tax year 2019, I contributed appreciated stock with an FMV in excess of $5,000.

I am disappointed that TurboTax did not generate any instructions for form 8283.

I have reviewed the official IRS Forms site and learned that for my 2019 return I must submit an 8283 via mail within 3 days after filing my 1040. The instructions are very confusing.

Is this a ruse by TurboTax to induce me to upgrade to Premier?

                           

                tlmna

Highlighted
Level 4

IRS Form 8283

The software will not create a 8283 if you did not itemize on Sch A and took the standard deduction. Turbo tax might have charged you extra (premier) to look to see if you could itemize. I mean they did do all the work of itemizing, it was just better for you to take the standard deduction.