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jimk719
Returning Member

For Donor advised account, can claim charity contribution such as $1K for future tax year and still apply to my charity deduction/credit

 
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4 Replies
rschule1
Expert Alumni

For Donor advised account, can claim charity contribution such as $1K for future tax year and still apply to my charity deduction/credit

Hi There :

 

Here's a good article from Fidelity which states, "When you contribute cash, securities or other assets to a donor-advised fund at a public charity, like Fidelity Charitable, you are generally eligible to take an immediate tax deduction. Then those funds can be invested for tax-free growth, and you can recommend grants to virtually any IRS-qualified public charity."

 

Please see link below for the full article

 

Donor Advised Fund 

 

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Andrew_W
Employee Tax Expert

For Donor advised account, can claim charity contribution such as $1K for future tax year and still apply to my charity deduction/credit

Hi @jimk719,

 

Generally, for a Donor Advised Fund, the charitable deduction is claimed in the year the contribution is made to the fund. The deduction for the amount the contribution is made can only be claimed once.

 

The benefit of a Donor Advised Fund is that a charitable contribution can be made in the current year, but the funds held and donated to a charity at a future time. They are often used to contribute chartiable donations in the current year if the donor is not sure which charity they wish to donate to, but would like to secure a chartiable deduction for the current year.

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jimk719
Returning Member

For Donor advised account, can claim charity contribution such as $1K for future tax year and still apply to my charity deduction/credit

Hi If I established my donor account in 2020 for $3K for example and I do claim deduction in 2020, and it can grow to more than 3K in 2022 and then I donate $500 in tax year 2022 for example, can I claim this $500 for deduction in 2022?

Andrew_W
Employee Tax Expert

For Donor advised account, can claim charity contribution such as $1K for future tax year and still apply to my charity deduction/credit

No, you would not be able to claim any future gain on the donation while it is being held by the donor advised fund. Once you make the donation, legal control of the asset transfers to the fund itself.

 

https://www.irs.gov/charities-non-profits/charitable-organizations/donor-advised-funds

 

@jimk719 

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