DAF itemize is complicated on TTax

Forum|Forum|1 year ago
March 31, 2025
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Help on itemizing DAF from stocks. Looks very complicated on TTax! Can you list the exact and complete steps to take - outline them all. I see where to itemize but: Do you call it ''item''? Please list the next several steps to complete.

I read on T.Tax that you require us to print the tax return, print the 8283 and mail both into IRS for 2024? we cannot use T Tax to file electronic?

mglauner

When you enter the contribution in TurboTax, you could choose either 'Item' or 'Stock'. If you choose 'item', you can then choose 'stock'.
If you choose 'stock' initially, 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.
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.
This tells the IRS and Turbo Tax that this is a Donor Advised Fund contribution.

If you indicate that you had no conditions attached to the donation, this will complete the entry for TurboTax, unless that applies. If so, you'll have additional questions. You can indicate the 'date acquired' as 'Various'. No appraisal is required if the stock is publicly traded.

The new rules for Form 8283 don't allow Efile if your aggregate total of non-cash donations is over 5K.

Here's more detailed info on Form 8283 and discussion on Entering DAF Donations.

@jjjj3

jjjj3Author

DAF Gift to Fidelity Charitable:

Conditions: They ask if there are ''conditions'' when giving securities. No? You are not listing where the money will later be distributed yet. please verify.

Also, TT does not offer the option to say securities were valued at ''fair market value" -? So we just leave the field of how it was valued as "No entry"?

DaveF1006

First of all, be sure to indicate this is a stock donation in the beginning of the interview. Since you listed where you donated this to at the beginning of the interview, TurboTax assumes this is where the DAF is distributed to.

After you answered the question about the conditions, there's a follow-up screen like the screenshot I have included below. you would report the fair market value of the fund under Value on Date of Donation.