Stocks to Charity donation

[Milo66]

I go thru the form to transfer shares of a mutual fund in my brokerage acct at Fidelity of $10,000 to the Fidelity Charitable Trust, as I do almost every year. The number I owe the IRS at the top of the screen does not change. If I change the donation to Cash I get a sizeable deduction. ??

Also, the transfer of shares worth $10k doesn't show up in the Donations to Charity summary in Itemized Deductions..

Highly appreciated funds.

Thanks,

Clark

[ThomasM125]

The contribution limit for the mutual funds in 2024 is 30% or your adjusted gross income as they are considered appreciated assets. The similar limit for cash is 60%. So, it must be that the cash contributions give you enough itemized deduction to get you over your standard deduction while the mutual fund contribution does not. So, when you enter the mutual fund contribution, you are still getting the standard deduction so your tax due does not change.

[Milo66]

TT already assigned me to the standard deduction and the charitable donations do not approach either the 30% or 60% mentioned. When I classify it as cash I get a $3000 deduction and if I classify it as mutual fund I get no deduction.

From Google...

Since Fidelity CharitableSM is an independent public charity, you are eligible for the maximum tax deduction for your charitable contribution: Cash gifts: 50% of Adjusted Gross Income (AGI) Publicly traded stock: 30% of AGI deductible at fair market value if held for one year or more.