We make charitable donations through the Fidelity Charitable Fund but I am not sure how to list it?

[IsabellaG]

You would enter your donations the same way as any other charitable donation. If it was cash, you would indicate it as cash (Charity name would be the Fidelity Charitable Fund) and if it was stock, etc, indicate that.

[rameshkbudhani]

Hi, I did enter our Fidelity Charitable Fund amount as a separate line item. However, it is not reflecting in the tax due calculations. I have gone and checked if the glitch is in TurboTax software or if there is a limit issue. 

It is definitely not a limit issue as the amount we donated does not exceed any limits. I was having problems saving TurboTax files, and having to duplicate the file before closing. What could be the problem here? Can anyone help? 

[DawnC]

You can deduct charitable donations if you make them to qualified organizations and you itemize deductions.  Are you itemizing or taking the standard deduction?

You're not allowed to deduct cash or property given directly to another person, family, or group that isn't a qualified organization.

The amount you can deduct is limited, depending on what you donate and the type of charity.  We'll figure it out after you import your donations from ItsDeductible or manually enter them. If you can't deduct all of your donations this year, we'll see if the remainder can be carried forward to next year.

Related Information:

• How do I enter my 2019 charitable donations in TurboTax?
• Do I need a receipt for my donation?
• What is a qualified charitable organization?
• Is volunteer work deductible?
• How does the Standard Deduction differ from itemizing deductions?

@rameshkbudhani

[susan do]

I'm confused too. Do I both list the stock as being donated to Fidelity Charitable as well as list individual charities as donated to using stock instead of cash? 

[Zbucklyo]

You get a tax deduction once - when you make the donation to the Fidelity Charitable Fund.  Once you've made the donation to Fidelity Charitable, and you tell Fidelity Charitable to make a contribution to a 501c3, you DO NOT get a second deduction - that is double dipping.

[SteveO-59]

This is my first time using Fidelity Charitable vs. sending cash directly.  I donated Stock into Fidelity Charitable vs. cash the stock and send the money, but the donation immediately gets sold and converted to cash, which I then targeted where I wanted it to go.  So in Turbotax, I entered Fidelity Charitable, and Stock, and the value - but it's also asking for the basis (I thought that the basis didn't matter for this type of giving).  Further, even though I don't qualify to itemize, I was still anticipating that I'd at least get the $300 "above the line" tax deduction for the donation, but nothing changed in what I owe.  Does this mean that giving stock (even though it converts to cash) doesn't count toward the $300 donation of cash, and that the only way to get a tax credit for this is to itemize?  That's not how I was hoping this would work, but at least I'm hoping someone can set me straight on how a Giving Fund donation of Stock does or does not apply to the $300 "above the line" donation credit.

[ErnieS0]

TurboTax asks for the cost basis of your stock donation because the IRS does not allow deductions for amounts that would have been ordinary income or short-term capital gain if the stock was sold for its fair market value.

This may not apply to your donation, but the TurboTax screen is for all situations.

The IRS provides this example:

You donate stock you held for five months to your church. The fair market value of the stock on the day you donate it is $1,000, but you paid only $800 (your basis). Because the $200 of appreciation would be short-term capital gain if you sold the stock, your deduction is limited to $800 (fair market value minus the appreciation).

See Giving Property That Has Increased in Value

The $300/$600 above the line charitable contribution is limited to cash or check contributions. Donations of stock do not qualify.

See Cash contributions for individuals who do not itemize deductions