Donor Advised Funds

[Sparkle1]

I am using Turbotax Home & Business desktop version.  I do not know how to enter a stock contributed to a Donor Advised Fund.  Under charitable donations there is no place to select a DAF.  Do I just enter it as a stock contribution?  Thanks

[Bsch4477]

Enter the name of the charitable fund and the value of the stock you donated. 

[Sparkle1]

I'm looking at Schedule A.  Do I need to submit Form 8283 if the stock donation is more than $500?  I don't see this form listed in the Turbotax program.  Do I check the box at line 12A regarding 30% capital gain property contributions?  Thanks

[Mike9241]

yes 8283 is required.  no appraisal is required if the stocks are publicly traded

Use Section A to report donations of property for which
you claimed a deduction of $5,000 or less per item or
group of similar items (defined later). Also use Section A
to report donations of publicly traded securities

if entry is done properly Turbotax will automatically impose any limitation

the entry for this is in the charitable donations section 

by checking off that stock is being donated the 8283 is generated 

[Sparkle1]

Thanks for the information.  Do I need to indicate that the contribution is being made to a Donor Advised Fund rather than to a regular charity?  Are there different deduction rules for DAFs as opposed to regular charity?  If so, how does Turbotax know that it is a contribution to a DAF?

[DaveF1006 · Accepted solution]

No the deduction rules remain the same. 

1. When you enter the contribution in TurboTax, you should choose the Stock option in the list you will see. 
2. You will then be asked to enter the date of the donation, stock symbol, value at date of the donation, date you acquired it and cost basis of the shares. Make sure the date you acquired it is more than one year from the date of the donation.
3. You will receive a 30% of adjusted gross income deduction for contribution of appreciated securities held long-term. Any unused deduction can be carried over to future years. 
4. This tells the IRS and Turbo Tax that this is a Donor Advised Fund contribution.

@Sparkle1

[Sparkle1]

Thanks.  This was very helpful